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How Do You Put A "Hold" On A Property?
This is a question I got recently from a first-time home buyer that was in the process of getting his pre-approval. He really wanted the house so he was interested in knowing how to "hold" a house. The answer is that you really can't, but once you put the offer in you still have flexibility, which I don't think many first-timers understand completely.
The first step to buying your house should always be to get your pre-approval, that way when you find the perfect house you won't have to wait for one to be done to submit your offer.
Once you have that pre-approval then you can get your offer ready, but there are several aspects of the contract that allow you to review at a few more things before you are completely locked in. These are the contingencies and the two most popular are the Mortgage Contingency and the Inspection Contingency.
The Mortgage Contingency - Since the letter you got from your lender is just a pre-approval you haven't submitted all the documents and answered all the questions to determine if your are definitely going to get a loan. Plus the lender also needs to review the actual house "they" ... more

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