Having a house is one of the important goal in someone’s life. It is a need of every person and can be fulfilling once you already have it. But you have to consider a lot of things first when buying a house. First, look and use a trusted realtor. A shrewd realtor can protect your interest and can guide you through the buying process. Remember that purchasing a house involves a contract. When you are buying a house, there are papers to sign and more paper to sign which are definitely called as contract. Do not necessarily buy a house for the life that you have today. You need to consider what your lifestyle is standing in the present before buying a house because once you purchase a house that means you need to fulfill a long-term commitment. Do also consider that when you buy a house, only purchase what you can afford. Because if not, you will also be the one who will face difficulties in the future.
However, there will be some instances that will occur in buying or selling a house. Some buyers of the house may offer the seller a purchase with a certain condition or with a contingency as they call it. In this case, the buyer will buy the house but he/she needs to meet a certain condition before completing the purchase. This condition might be a mortgage loan or a home inspection. Contingent means that there is a contract involve on the home but the home is still available to be shown for others. It may be shown to other possible buyers who are willing to make a back up offer and be ready once the contract of the first buyer is terminated for not being able to meet its condition and again become an active listing.
Sometimes the House May Definitely Back On The Market
Another important thing to keep in mind and to consider is that sometimes when these contingencies are not able to be met, then the house will be available and back on the market. For instance, when a house is under contract contingent on a successful loan approval and the buyer gets denied his or her loan, the house may definitely back on the market. It clearly shows that somehow, the offer has been made and accepted but the offer is in contingent status – on some other factors. One of the most common contingency is financing. The buyer must say that he or she is willing to buy your house for a certain price but the offer is contingent on getting approved for financing to buy your house. The next common contingency is a home inspection. The buyer might say that he’s willing to buy your house but this offer is a contingent on home inspector whom he’ll hire inspection the house to see and make sure that there’s nothing seriously wrong with it.
Once the seller and the buyer have agreed on all terms such as price, closing date, etc. – but before any possible contingencies have been resolved, the house is in contingent status.