08/09/2026
🏡 Real Estate Term of the Week:
-Contingency-
Buying or selling a home comes with its fair share of real estate jargon. Let’s break down one of the most important words you will see in a contract: Contingency.
What is a Contingency?
A contingency is a condition or clause in a real estate purchase contract that must be met within a specific time frame for the sale to go through.
Most Common Types of Contingencies:
* Inspection Contingency: Gives the buyer the right to have the home professionally inspected and negotiate repairs or walk away if major structural or safety issues are found.
* Appraisal Contingency: Protects the buyer by ensuring the home is valued by an appraiser at or above the purchase price. If it appraises low, the buyer isn't forced to overpay out of pocket.
* Financing Contingency: Allows the buyer a specific window of time to secure their mortgage loan.
* Sale of a Prior Home Contingency: Makes the purchase dependent on the buyer successfully selling their current home first.
☆Why it matters: Contingencies can help protect your hard-earned money and give you peace of mind about the home you are purchasing!!
Have questions about contract terms or navigating your next move? Reach out to me, and let's talk about home!!
Danica Skaritka, Realtor
Coldwell Banker Preferred Group
308 737 5756
[email protected]
www.isellmccook.com