Want the house? Drop the contingenciesMay 13, 2013 @ 7:31 am (Updated: 2:21 pm - 5/13/13 )
As the inventory of for-sale homes remains at low levels, sellers are allowing fewer contingencies.
In competitive situations that attract multiple bids, some sellers are even telling buyers they want an offer without mortgage contingencies.
A mortgage contingency, often included in sales contracts, provides buyers with a safety net of being able to get out of the deal without forfeiting their earnest money deposit in case they are unable to obtain financing within a certain timeframe. Hence, dropping the contingency has put some buyers in a risky spot.
Agents report that in some multiple-offer situations higher bids are being passed over for lower bids because they are non-contingent or all-cash offers.
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