Money Talks and Bullshit Walks Up And Lists a Bunch of Contingencies
Offer accepted. We have The 1! Well, pending Contingencies. "What's a Contingency?" you ask your wise real-estate savvy friend who knows all about it. Me, who just learned about it last week: A contingency is a condition you list as part of an offer on a property whereupon if the contingency is not met, you can withdraw the offer and get back your earnest money. Earnest money is a small deposit you make to demonstrate your good faith in buying a property. If you withdraw your offer, the buyer keeps it. It's often 1-2% of the value of the property. In my case, it was 1.53% of my total offer price) Contingencies could be something like "Land is not actively on fire" (j/k) or in my case "buildability of the lot" and "assessment at or above purchase price." They're usually mandatory and out-of-the-box if you're getting a loan - and lenders are smart so their contingencies are a pain in the ass. But me, I'm only moderately smar