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Offers & contracts
A written condition that lets you exit the contract with your deposit if something specific fails — inspection, appraisal, or your financing.
The three standard ones: the inspection contingency (exit or renegotiate if the inspection finds serious problems), the appraisal contingency (protection if the home appraises below your offer), and the financing contingency (exit with your deposit if the loan falls through despite good faith).
Each has a deadline, and the deadlines are real: miss the inspection window and you may own the problems it would have found. Your agent's calendar for these dates is a core part of what representation means.
In competitive markets, buyers are pressured to waive contingencies to look stronger. Sometimes that's a calculated risk worth taking; sometimes it's how buyers lose deposits or buy disasters. The question to ask before waiving any of them: "What exactly can happen to me if this goes wrong, in dollars?"
Source: CFPB — Buying a House (official guide)
Who confirms it for you: Your agent, and for unusual terms an attorney — the contract's wording controls everything.
Educational, not advice — and never an eligibility determination. Program rules and loan requirements change; the cited source and the named confirmer are the authorities for your case.