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A buyer can back out of a home purchase even after signing a contract if all agreed-upon contingencies are not met. Common reasons for buyers to back out include issues revealed during a home ...
The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the seller to continue to market the property. The 72 hour clause is usually written into sales contracts by the seller, this allows a seller to keep the home on the market and accept backup offers ...
Home sellers can give themselves an “out” by adding contingencies to the contract that make the sale contingent upon certain conditions. For example, a seller can make the sale contingent upon ...
With a home inspection contingency in place, you can walk away clean — especially if the seller refuses to fix the problem or offer credits to offset the costs. ... On a home of that price, a ...
The successful sale of another house may be needed to finance the purchase of a new one. Appraisal contingency – Purchase of the real estate is contingent upon the contract price being at or below a fair market value determined by an appraisal. Lenders will often not lend more than a certain percentage (fraction) of the appraised value, so ...
The purchase is referred to as an "all-cash buyer." Such a buyer may also waive the appraisal, although not necessarily, since the contingency may exist to test or ensure the property's market value. The term “cash offer” is typically applied to contracts in which both of these contingencies do not appear.
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Fixed Price Incentive Fee Contract (FPIF) is a "type of contract where the buyer pays the seller a set amount (as defined by the contract), and the seller can earn an additional amount if the seller meets the defined performance criteria".
Whether you're buying or selling a home, getting the home under contract is just the start of the process. Since most Americans don't buy their homes with cash, they need a mortgage to complete ...