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You don’t want to back out of a contract when you’re buying a house – but you should
be prepared by including contingencies. I’m Ilyce Glink with today’s Real Estate
Minute. There are three standard contingencies – financing,
home inspection and attorney approval. A mortgage contingency means you can back out of your
contract if you can’t find a lender to give you a mortgage at an agreed upon rate by a
certain date. It’s meant to protect you in case you can’t find financing.
An inspection contingency gives you the right to have an inspector examine the property
before you close on the purchase while attorney approval allows your attorney the right to
make changes or reject a contract. You can attach almost anything you want to
your offer. But you might scare off the seller if you ask for some that are too strange or
if you want too many. I’m Ilyce Glink, for more details and links
visit my website, ThinkGlink.com, where we’re rebuilding America, one house at a time.