Pros and Cons of Contingencies
In a perfect home buying world, buyers would be pre approved from lenders or would submit cash offers. There would be no appraisal necessary, homes would be pre-inspected, repairs made in advance, property disclosures would be meaningful and we would close in 30-days without contingencies or any hiccups. But in the real world, and according to the NAR 2020 Realtor Confidence Index, roughly 76% of contracts have contingencies. In this blog we explore the most common contingencies and how they affect the sale of a home both from a buyers and a seller's perspective.
What are Contingencies?
Contingencies are conditions within a contract for real property that must be met for the contract to move forward and be…