Park City Utah Real Estate, Contingencies and the Offer
When it comes time to make an offer on your new home, occasionally there are a few obstacles that make it difficult. It is sometimes hard to discover all the potential problems that might go wrong, but you might want to anticipate some so that you can cancel the contract without penalty. These are called "contingencies and you must make sure to include them when you offer to buy a home.
One of the more popular contingencies is having to sell a previous home before purchasing a home. Making the closing the sale of the home a condition of your offer is important to avoid having to pay two mortgage payments instead of one.
Other popular contingencies include the ability to obtain financing, property appraising high enough for lender consideration and inspections being satisfactory. Basically, contingencies protect you in case you cannot perform or choose not to perform on a promise to buy a home. If you cancel a contract without having built-in conditions and contingencies, you could find yourself forfeiting your earnest money deposit.
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