Once a buyer's has been accepted, the offer can only be rescinded under certain conditions and in certain circumstances. These conditions are known as contingencies. The contingencies are put in place to protect the home buyer. Every home buying contract includes information about contingencies, usually at the beginning of the contract.
Some home buyers choose to waive the contingencies to make an offer more attractive to the seller. Others leave the contingencies in place in order to reap the full benefits of the contingencies. Home buyers should be familiar with the contingencies to ensure that the home buying process goes well.
The financing contingency is important for anyone who will be getting a mortgage to pay…