A contingency is a condition that must be met for a home purchase to go through — inspection, financing, appraisal, title. If a contingency fails and you act within its deadline, you can exit with your earnest money.
Contingencies are the exits built into a purchase contract, and each has a deadline. The big four: inspection (you can renegotiate or leave over the home's condition), financing (protects you if the loan falls through), appraisal (protects you if the home appraises below the price), and title (the seller must deliver clean ownership). In hot markets buyers waive contingencies to compete — which is exactly when people lose earnest money or get trapped in a purchase. A waived contingency isn't a formality; it's an exit you bricked up.
A promise to cover some or all of the difference if the appraisal comes in low — it keeps your offer competitive while capping your extra cash exposure. The cap amount is the whole negotiation.
Yes — commonly a contingency to find their next home, or a kick-out clause letting them keep marketing. Those affect your certainty and timeline; read them as carefully as your own.
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