Quote:
Originally Posted by Biggd
I see a lot of properties listed as contingent, curious to what those contingencies could be.
I'm wondering if some are waiting for mortgage appraisals that might not qualify for a mortgage unless the buyers come up with more of a down payment?
I've seen a few marked contingent, only to go back on the market weeks later.
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Most are probably in the mortgage process, but it can also be done on a cash deal if it is subject to inspections (or any other hurdle built into the deal to overcome). Home sale contingencies (waiting to close on the new purchase until your present property sells) used to be a common thing, but when covid hit, they seemed to fall out of grace. Things were selling so fast that there was no need to wait. You will probably see those making a comeback as the market slows.