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    Real Estate you should know

    Contingencies; What are they?

    As a home buyer, you will eventually find a home that is the "one" and you'll want to make an offer. This is a very important...

    • Susana Murphy
    • April 10th, 2020
    • 3 min read

    As a home buyer, you will eventually find a home that is the "one" and you'll want to make an offer.

    This is a very important document that you will encounter during the home buying process. Therefore, you need to understand everything that goes into it, and that includes contingencies....

    Inspection Contingencies

    Home inspections are the most common contingency type.  When purchasing a new home, inspections are intended to help the buyer get all the details of the condition of the home. A home inspector will go through the interior and exterior of the home and perform a general examination of the home and the systems within the property (plumbing, electrical, etc.).  

    In some instances, home inspections can lead to other necessary, more specific inspections.  These could include termites, mold and asbestos, among others.  These also fall under the home inspection contingency.

    Once all of the inspections are completed, that's when the actual contingency comes into play. Buyers will receive reports of the inspection findings - 1 for each type of inspection performed.  Upon reviewing the findings, buyers have the opportunity to negotiate with the sellers for any necessary repairs.  If an agreeable term cannot be met, this contingency allows buyers to walk away from the purchase of the home.  

     

    Finance Contingencies

    When purchasing a home using a mortgage loan, this contingency will come into the picture.  This contingency allows buyers to find and secure a mortgage (not a pre-approval) within a given period of time that is agreeable by all parties.  Should there be an instance where a buyer cannot obtain financing, this contingency allows that buyer to back out of the purchase. 

    Should a buyer choose to pay for a home with cash, finance contingencies are not needed.

     

    Appraisal Contingencies

    An appraisal contingency coincides directly with a financing contingency. An appraisal is conducted to determine the fair market value of the home to ensure that the sale price is accurate.  Should an appraisal come back at a lesser market value, the mortgage loan will not cover the balance between the sale price and market price.  This contingency protects buyers so that they can walk away from the purchase if they are not able to re-negotiate or find another way to finance that balance.

     

    Home Sale Contingency

    A home sale contingency is just that.  It allows the buyers of a new home the additional time to procure a ready, able and willing buyer for their current home.  Within that time frame, if a buyer is unable to find a buyer for their home, they are able to walk away from the purchase of the new home.  This contingency is often not well-liked by sellers and can potentially weaken a buyer's offer.

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    About the author

    Susana Murphy

    508-345-5632
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    I'm Susana Murphy, and I founded ALANTE with a clear vision and a passion for redefining what real estate should be. Let me share with you why ALANTE exists, what we stand for, and what we aim to offer both our valued clients and our dedicated agents. ALANTE Real Estate wasn't just a business venture for me—it was a calling born out of a deep-seated belief in doing things differently, and doing them better. Having been in the real estate industry since 2005 myself as a top producing Realtor, I saw firsthand the immense potential for innovation and improvement. I recognized that traditional practices were falling short in meeting the evolving needs of clients and agents alike. My vision for ALANTE was simple yet profound: to elevate the real estate experience by combining cutting-edge technology combined with story driven marketing and timeless values. In an industry often defined by transactions, I wanted to focus on service. I wanted to create a space where clients felt heard, valued, and supported every step of the way, and where agents could thrive in an environment that prioritizes collaboration, growth, support and integrity. At ALANTE, we believe in offering our clients more than just transactions—we offer them transformative experiences. We understand that buying or selling a home is not just a financial decision; it's an emotional journey filled with dreams, aspirations, and life-changing moments. That's why we approach each interaction with empathy, expertise, and a genuine desire to exceed expectations. For our agents, ALANTE is more than just a brokerage—it's a community of like-minded professionals committed to excellence. We provide our agents with the tools, training, and support they need to succeed, all while fostering a culture of mutual respect, collaboration, and continuous learning. We believe that empowered agents create exceptional experiences for our clients, and that belief is at the core of everything we do. In an industry that's constantly evolving, we remain steadfast in our commitment to innovation and adaptability. We embrace technology not as a replacement for human connection, but as a catalyst for enhancing it. From advanced marketing strategies to streamlined processes, we leverage technology to enhance efficiency, transparency, and results. We don't just meet industry standards—we set new ones. We believe in raising the bar and redefining what it means to be a leader in real estate. Our dedication to excellence, integrity, and client satisfaction sets us apart, and it's what drives us to continually push boundaries and exceed expectations. So, whether you're a client looking for a personalized, unparalleled real estate experience or an agent seeking a supportive, forward-thinking brokerage, we invite you to join us on this extraordinary journey. Together, we're not just reimagining real estate—we're elevating it to new heights. Welcome to ALANTE Real Estate, where your vision meets our passion.

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