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What is a Contingency?

  In my last blog I discussed what Pending means in Real Estate and I stated:   Anytime I say Pending, it means the house is under contract. Either with a contingency or not, the house is more than likely going to another buyer. It's just a matter of time until it closes and the new homeowner will be moving in. So what is a contingency?  Well a contingency in a contract is anything that must be first met to allow the sale to continue in the manner in which the contract was written. Most contracts have standard contingencies to include a home inspection, a financial contingency and an appraisal contingency. Other contingencies could include a home sale.  Home Inspection Contingency: This contingency allows the buyer to preform a home inspection (all home inspectors in the state of Virginia must have a license) and the buyer has the opportunity to ask for repairs in order for the contract to move forward. Sellers at this time can a couple of things. Repair all items Repair some it

Community Partners Grant

 

First Time Home Buyers, Law Enforcement, Educators, Firefighters, Health Care Workers, Veterans or those Currently Serving in the Military...and all workers considered COVID essential.
 
This includes those working in essential retail businesses such as grocery stores, electronics, home improvement, lawn and garden, pet stores, banks, and so many others!

Even if you don't live in the area I serve, I can help point you in the right direction to a Realtor who works in your area! Don't go at it alone. I can help.



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