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The Financial Samurai Podcast
How Buying A Home With Contingencies Can Make You Lots Of Money
Aug 29, 2023
Explore the benefits of buying a home with contingencies during a housing market slowdown. Learn about the importance of financing and home inspection contingencies in protecting the buyer's earnest money deposit. Discover how buying a home with contingencies can provide limited downside risk and market confidence. Gain insights into managing down payment investments when purchasing a home with contingencies.
19:35
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Quick takeaways
- Buying a home with contingencies provides protection for buyers and allows them to back out penalty-free if certain conditions are not met.
- Extending the escrow period when buying a home with contingencies can act as a free call option, enabling buyers to make informed decisions and potentially profit from market appreciation.
Deep dives
The importance of buying a home with contingencies
Buying a home with contingencies, such as financing or home inspection contingencies, is crucial when purchasing a property. Contingencies provide protection and allow buyers to back out of the deal penalty-free if certain conditions are not met. For example, a financing contingency allows buyers to withdraw their offer and get their earnest money deposit back if the bank denies the loan. Similarly, a home inspection contingency allows buyers to withdraw their offer if significant issues are discovered and the seller refuses to address them. It is important to understand the expiration dates of contingencies and to release them after thorough due diligence.
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Discover
highlights
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