Contingencies are common in Las Vegas real estate transactions. All they mean is that the sale of the home will only happen if certain conditions are met. At this point, an offer has been made and accepted, but both parties have the option to back out of the sale. Even though contingencies are common, they are often a turnoff for prospective buyers and sellers. And they are definitely NOT recommended in a competitive market.
If you plan to sell your home in Las Vegas, it’s important to familiarize yourself with the most common contingencies.
1. Home Inspection Contingency
Home inspection contingencies are common – and for good reason. Who wants to purchase a home if it needs a ton of work? In this type of contingency, the buyer makes an offer with the stipulation that an inspection will be done. As long as the inspection doesn’t turn up major problems, the sale can proceed.
2. Appraisal Contingency
In an appraisal contingency, the buyer makes an offer and the seller accepts it, but the deal is contingent on the appraisal. Las Vegas lenders require appraisals to ensure the asking price is in line with the assessed value of the home. As long as everything checks out, the transaction can move forward.
3. Financing Contingency
With a financing contingency, the buyer makes an offer, the seller accepts, but the sale is contingent on the buyer getting financing. There are many issues that can turn up during the financing process because the banks want to make sure the borrower can pay back the loan. If the buyer can’t get financing, the sale will fall through.
4. Home Sale Contingency
Another common contingency is a home sale contingency, which means that the buyer can only purchase the new home if their current home sells. After all, who wants two mortgages? However, many sellers try to avoid this contingency because they could be waiting a long time for the buyer’s home to sell.
5. Title Contingency
Last on our list is a title contingency. In this situation, the home sale is dependent on a clean title. When a title search is done, it’s possible that it will turn up unsettled liens or judgements. The good news is that most title issues can be resolved easily.
We Will Buy Your Home with NO Contingencies!
If you want to sell your house fast in Las Vegas, it might make sense to sell to a team of real estate investors. At We Buy Any Vegas House, we buy houses for cash in Las Vegas. And with us – there are NO contingencies. We have the cash to buy your home, and we will buy it as is. This means there is nothing to hold us back from the sale. To get your free cash offer, contact us today.