Contingencies Are a Buyer's Friend
A contingent offer is pretty standard. It means an offer on a home has been made, and the seller has accepted it; but, the finalized sale is contingent upon certain criteria that have to be met within a specified time. These contingencies are mainly put in place for the buyer to be able to back out of a sale if something is goes wrong, usually without losing their deposit. These criteria, or contingencies, typically fall under three major categories: home inspection, appraisal, and loan approval.
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