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What is a Home Inspection Contingency?

what is a home inspection contingency in a real estate purchase contract - port aransas homes for sale
When you decide you want to buy a home, whether it’s a house for sale in Sea Pines or a condo for sale at La Mirage, your Port A Realtor® will put together a purchase offer. She’ll put in contingencies, or conditions that must be met, that can help protect you in case things go south with the transactions.
One of those contingencies will involve the home inspection.

What is a Home Inspection Contingency?

A home inspection contingency says that if the inspector you hire uncovers something wrong with the house that makes you unwilling to buy it, you can cancel the transaction and walk away with your earnest money deposit intact.
If there’s something wrong with the home, you have a few options. You can ask the seller to lower the purchase price because you’ll have to pay to fix the issue; you can ask the seller to fix the issue; or you can cancel the transaction.

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What is an Appraisal Contingency?

what is an appraisal contingency in a real estate purchase contract - port aransas tx homes for sale
When you buy a home, whether it’s a home for sale in Sand Point or a house for sale in Barataria Bay, your Port Aransas Realtor® will put contingencies in your real estate purchase contract that let you walk away from the deal if things aren’t working out the way you want them to.
One of those contingencies is likely going to involve the home’s appraisal.

What is an Appraisal Contingency?

An appraisal contingency says that if the home’s appraised value is lower than its listed sales price, you can walk away from the transaction without losing your earnest money deposit.
Your lender will order an appraiser when you want to make an offer on a home. The appraiser will compare the home to others in the area and combine several factors to find out if it’s worth what the sellers are asking.
If it’s worth less than what the sellers are asking, you have a few options: You can ask the sellers to lower their price, come up with the difference in cash on your own, or cancel the deal.

Are You Buying a Home in Port Aransas or on North Padre Island?

Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
While you’re here, check out our:

In the meantime, check out these great subdivisions in Port Aransas:

 

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What is a Financing Contingency?

what is a financing contingency in a real estate purchase contract - port a homes for sale
When you buy a home, whether it’s a brand-new condo in Port Aransas or a home for sale on North Padre Island, you’ll have a purchase contract—and that contract will include contingencies that allow you to back out of the transaction if things go wrong.
One of the contingencies you’ll likely have in your purchase contract is a financing contingency.

What is a Financing Contingency in a Real Estate Purchase Contract?

A financing contingency is an “out” your Port Aransas Realtor® will build into your purchase contract. It says that if you can’t obtain financing to buy the home, you won’t be held responsible for buying it.
If your financing falls through for any reason, you’ll be able to back out of the deal.

Are You Buying a Home in Port Aransas or North Padre Island?

Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
While you’re here, check out our:

In the meantime, check out these great subdivisions in Port Aransas:

 

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Can You Cancel a Real Estate Purchase Contract?

Can You Cancel a Real Estate Purchase Contract and Keep Your Earnest Money Deposit
Whether you’re buying a Port Royal condo or a house in El Pescador, you’re going to have a real estate purchase contract in place that protects you (and the seller, in some cases) from making a bad deal.
But how do you cancel a real estate purchase contract without losing your earnest money deposit?

Can You Cancel a Real Estate Purchase Contract Without Losing Your Earnest Money Deposit?

Your Port Aransas Realtor® will be able to explain your entire real estate purchase contract to you—and you should read it thoroughly before you sign, because it outlines very clearly whether you can walk away from the deal under any circumstances. Remember: Once it’s signed, it’s a legally binding agreement.
Contingencies, which are a type of protection built into most real estate purchase contracts, can save you from being caught up in a bad deal. The most common contingencies involve home inspections, financing, and appraisals.
If you have the appropriate contingencies built into your contract, you should be legally able to walk away from the deal.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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What Are Contingencies in Real Estate?

what are contingencies in real estate - buy a home for sale in Port Aransas TX
Contingencies are part of many real estate transactions, and chances are pretty good that you’ve heard the term before.
But what are contingencies, and what do you do if they’re included in your real estate purchase contract?

What Are Contingencies?

Contingencies are conditions that must be met in order for you and the other party (or parties) to execute the real estate purchase contract. The final sale is contingent upon one or more parties to the transaction meeting certain criteria.
Typically, contingencies in a real estate purchase contract fall into at least one of three categories: appraisal, home inspection, or mortgage approval.

Appraisal Contingencies

Most lenders require you to have a home appraised before they’ll lend you the money to buy it. When there’s an appraisal contingency in your contract, you can get out of buying the home if the appraisal comes back lower than what you intend to pay for the home.

Home Inspection Contingencies

You have the right to have a home you intend to buy inspected by a professional home inspector. If the inspector finds something wrong with the home, you can ask the seller to fix it or you can back out of the deal, no harm done.

Mortgage Contingencies

A mortgage contingency protects you and the seller from entering into a contract when you don’t have the money to purchase the home. (That’s another reason that it’s a good idea to get a mortgage preapproval before you even begin house-shopping.)

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
While you’re here, check out our:

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What is a Real Estate Purchase Contract?

What is a Real Estate Purchase Contract - Port Aransas Homes for Sale
When you buy a home, it all starts with a real estate purchase contract.
But what is this document, and what does it include?

What is a Real Estate Purchase Contract?

A real estate purchase contract is a legally binding, bilateral agreement between two or more parties. If you sign one, you’re saying that you have the legal capacity to make the purchase, exchange, or conveyance of “real property.” The term real property in this sense refers to land, a home, and buildings or other fixtures that you intend to buy.

What’s in a Real Estate Purchase Contract?

Your real estate purchase contract should contain:

  • Identification of everyone involved in the transaction
  • A description of the property
  • The agreed-upon purchase price
  • Details, rights, and obligations of the contract
  • Contingencies (conditions) that must be met before you can execute the contract
  • A description of the property’s condition
  • A list of what’s included with the property—and what’s not
  • How much money you’ll put down as a deposit
  • Who pays closing costs
  • How much the closing costs will be
  • A projected closing date
  • Each party’s signature

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
While you’re here, check out our:

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