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?
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