What does contingent mean in buying a home?
Contingent means any term in your Spring Texas real estate contract that must be met or satisfied before the purchase of your Spring Texas home can be completed.
Typical contingencies include financing and the sale of the buyer’s other home. The home must meet your lender’s underwriting requirements of condition and appraised value. And as a borrower, you must be approved by the lender for the financing.
Sellers want to feel comfortable that the sale of their home is going to go through. The less contingencies your offer contains the more favorable your offer will be received because there are less conditions that need to be met.
Read also:
- Will paying cash get you a discount on real estate?
- 4 Reasons to get pre-approved for a loan before looking at homes
