What are some contingencies that we will normally see in an offer?
Sellers Answers

      Financing Contingency – a set amount of days where a buyer has to get the financing fully approved from the bank. This is not a pre-qualification but a fully committed loan meaning all the documentation has been verified, an appraisal has been conducted and the bank is awaiting title work and the clear to close from the underwriting/closing department.

      Home Inspection Contingency – a set amount of days where a buyer can conduct a home inspection on the property. The inspection is conducted the buyer has the option to either release the contract, send a notice of repairs along with the inspection report or take the property as-is. If the notice is delivered to the seller, you then have only a couple of days for review to either release the contract, accept in doing all or some of the repairs or provide a credit for all or some of the repairs.

   Closing Credit to Buyer - a set amount used as credit to the buyer's closing costs. The amount is subtracted from the net amount of the sale. In most cases, the amount is only up to that figure, the amount can not be exceeded unless agreed upon. In addition to, the amount can only be credited as allowed by the lender's program, if the amount is too high for the program, then the credit is reduced to the allowed amount as per lender's instruction.