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What Are Contingencies?

07/11/24  |  Kip Barnard

(And Why Do You Need Them?)

Imagine buying your dream home, only to discover costly issues that could have been avoided. 🛑 Before you finalize any home purchase, it's crucial to understand contingencies and how they protect your investment.


Check out my latest video where I break down everything you need to know about contingencies in real estate and why they are essential:



What Are Contingencies?


Contingencies are conditions in a home purchase agreement that must be met for the deal to proceed. They act as safety nets, allowing you to back out of the deal without losing your deposit if specific conditions aren’t met.


Why You Should Watch This Video

In the video, I cover:


- The three main types of contingencies: inspection, appraisal, and financing.

- How each contingency protects you during the home buying process.

- A real-life story illustrating the risks of waiving contingencies.


Key Points Discussed:

  1. Inspection Contingency:
     - Ensures you can renegotiate or back out if significant issues are found during a home inspection.
  1. Appraisal Contingency:
    - Protects you if the home's appraised value is less than the purchase price.
  1. Financing Contingency:
    - Allows you to cancel the contract and get your deposit back if your mortgage falls through.


Don’t Miss Out!

Before you waive any contingencies, make sure you're fully informed about the risks and benefits. Watch the video to get all the details and ensure your home buying process is smooth and protected.



Tags: #RealEstate #HomeBuying #Contingencies #RealEstateAdvice #HomeBuyers