Cory Gracie | Ashburnham Real Estate, Westminster Real Estate, Gardner Real Estate


Contingencies on a contract to buy a home are there to protect both the buyer and the seller. The contingencies give the buyer the right to back out of the contract if any of these contingencies aren’t met. There are many reasons that buyers back out of deals including financial issues and problems with the home. Below, you’ll find a break down of some of the most common contingencies and what they mean for you as a buyer or a seller.   


Financing Contingency


Most home contracts come with what’s called a financing contingency. This gives you the ability to walk away from a deal if the financing falls through when trying to buy a home. Usually this is due to a credit reason or some other financial reason. You can’t rely on financial cracks to help you to back out of a deal on a home. Lenders will only deny a loan for real financial reasons. There’s no way to ask a lender to lie for you so you can get out of buying a home! This is why you need to make your decision about a home purchase wisely.   



Inspection Contingency


This gives the buyer the right to have an inspection on the home within a certain time frame which is usually 5-7 days. If something is really off with the inspection that you as a buyer don’t feel comfortable with, you have the right to back out of a deal without repercussions. While seller disclosures are important, the seller can’t disclose what they don’t know about. That’s why the home inspection is so important. The seller’s disclosure cannot protect you from hidden damages that may cost half of a home’s worth to repair.   


Appraisal Contingency


If homes are selling fast and you want some secure way to back out of a deal you should consider an appraisal contingency. If the home you want to purchase doesn’t appraise at a price high enough to meet your mortgage requirements, you have a legal way to back out of the deal. For example, if you put down 20 percent of the purchase price of a home and the home doesn't appraise for the value of that purchase price, you’d need to come up with the remainder of the money in cash. An appraisal contingency protects you from having to face this. You’ll still need to have a home inspection done on the home to search for any problems, but an appraisal contingency protects you from any problems with financing and your own disposable amount of cash that could arise due to a home appraising low. 


While contingencies aren’t necessary as a homebuyer, they’re highly recommended. Without contingencies, you could be left with a number of expenses such as damages that are extremely costly to fix.



95 Crestwood Dr, Gardner, MA 01440

Single-Family

$330,000
Price

7
Rooms
3
Beds
2/1
Full/Half Baths
Are you looking for space, desirable neighborhood and a terrific floor plan….. look no further! This three bedroom, 2.5 bath Colonial features an open floor plan including a fully applianced kitchen, granite countertops and breakfast bar. Separate dining area has a slider to the back deck and pool area. The impressive large family room features a pellet stove, French doors and built in desk area. The first floor also has a living room, sitting room and half bath with laundry. Master bedroom with a walk in closet and own bathroom. Finished lower level creates additional living area with three rooms as well as a convenient tiled mudroom area. Beautiful exterior stone work, fenced back yard, two car garage and above ground pool.
Open House
Sunday
May 19 at 12:00 PM to 2:00 PM
Cannot make the Open Houses?
Location: 95 Crestwood Dr, Gardner, MA 01440    Get Directions

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95 Crestwood Dr, Gardner, MA 01440

Single-Family

$330,000
Price

7
Rooms
3
Beds
2/1
Full/Half Baths
Are you looking for space, desirable neighborhood and a terrific floor plan….. look no further! This three bedroom, 2.5 bath Colonial features an open floor plan including a fully applianced kitchen, granite countertops and breakfast bar. Separate dining area has a slider to the back deck and pool area. The impressive large family room features a pellet stove, French doors and built in desk area. The first floor also has a living room, sitting room and half bath with laundry. Master bedroom with a walk in closet and own bathroom. Finished lower level creates additional living area with three rooms as well as a convenient tiled mudroom area. Beautiful exterior stone work, fenced back yard, two car garage and above ground pool.
Open House
No scheduled Open Houses

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