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Buying a Home in Brighton: What is a Contingent Listing
Every now and then when you are searching for a home, you will see the term "contingent," which can be confusing for anyone new in the real estate industry. A contingency simply means that a certain condition needs to be met before a buyer can finalize the purchase of a home. If the contingency isn't met, the house will still be available for sale on the open market. Here are just a few of the most common contingencies and how our REALTORS® can help guide you throughout the entire home buying process.
- Financial Contingency
A financial contingency is very common, as it is dependent on the buyer to get approved for a home loan or mortgage. Typically, a buyer has a set time period to secure financing for purchasing a home. However, if the financial approval process is denied, the home will be available again on the open market. - Inspection Contingency
An inspection contingency is dependent on a home inspection that doesn't reveal any serious issues. If any significant issues are found, the buyer can request additional repairs or compensation. If the buyer and seller cannot agree to these terms, then the buyer has an opportunity to opt out of the purchase of the home. - Title Contingency
A title contingency protects the buyer from purchasing a home without a clear title. A title company will check to ensure that the home or property is clear of liens and isn't involved in any disputes or legal issues. Depending on the severity of the problem, some title issues can be resolved during the final closing, while other issues can prevent the purchase of a home. - Appraisal Contingency
An appraisal contingency is also fairly common, as it depends on the completion of an appraisal. The buyer has the opportunity to request a lower price or opt out of the purchase if the appraisal shows that the home is worth less than the selling price.
Is It Too Late to Make an Offer?
You can always make an offer for a home, even if it is listed in one of these contingent stages. However, the vast majority of these contingent offers will go through, which makes it unlikely that you will get a chance to buy a home that is currently in contingency. If you have fallen in love with a particular home, it is important to contact a real estate agent as soon as possible to help guide you throughout the process and help you plan the best course of action.
Purchasing a home isn't an easy process, but Griffith Realty can help you through your house hunt. We can help you choose from a wide variety of Brighton homes for sale. If you have any additional real estate questions, contact us to get your home search started.