Some buyer’s decide when buying a home that they would like to find a suitable property before selling their existing home. A sale contingency means that the potential buyer of a home must sell their existing home, before being able to purchase the “new” home. Inspection and mortgage contingencies are other common contingencies that buyers write in their purchase offers. If the inspection report comes back and for some reason you do not want to proceed with the sale or if you are unable to obtain the mortgage for the home or sell your current one to purchase the new home, a contingency provides you with an “out” and allows you to back out of the deal and receive your deposit back.
Some buyer’s decide when buying a home they would like to find a suitable property before selling their existing home. A sale contingency is a common contingency that sellers see in purchase offers. A sale contingency means that the potential buyer of a home must sell their existing home, before being able to purchase the “new” home.
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