Short answerMost buyers include an inspection contingency, a financing contingency, and an appraisal term, and sometimes others such as the sale of a current home or well and septic testing. Each contingency protects you only until its deadline in the purchase agreement, so know your dates and schedule inspections immediately after the contract is signed.
| Contingency | Protects you if |
|---|---|
| Inspection | The house has problems you cannot accept |
| Financing | Your loan does not get final approval |
| Appraisal | The value comes in below the price |
| Home sale | Your current home does not sell |
| Well and septic | Tests fail on a rural home |
Deadlines: how contingency deadlines work in Indiana.
Frequently asked questions
Do fewer contingencies make my offer stronger?
They can, but they also remove your protection. Think through what you would do if something went wrong.
Can I waive the inspection?
You can, but you take on the risk. Many buyers keep an informational inspection at least.
Keep reading
Looking at a house and not sure what you are getting into?
Ask for a free Before You Offer review. Send me the listing. I look over the photos, the seller's disclosure, and recent sales, then flag likely condition issues and planning cost ranges before you write an offer.
Request a Before You Offer reviewOr call or text (812) 525-5489, or email [email protected].
The Before You Offer review is a REALTOR® and contractor review of the listing, not a home inspection. It is for buyers who are not already working with an agent. If you have an agent, please bring these questions to your agent.
Written by John Long, REALTOR®, 1 Percent Lists Indiana Real Estate. Working contractor who has priced hundreds of home inspection repair requests. Former labor relations negotiator for a major manufacturer and U.S. Coast Guard veteran.
John Long, REALTOR® · 1 Percent Lists Indiana Real Estate · (812) 525-5489 · yourpropertynegotiator.com
This page is general information, not a substitute for a professional home inspection, and not legal, tax, insurance, or lending advice. Ask a real estate attorney about contracts and disclosure, a CPA about taxes, your lender about loan rules, and a licensed inspector or tradesperson about your house. Nothing here guarantees a sale price, net proceeds, repair cost, payment, timeline, appraisal, inspection result, or loan approval. Cost figures are planning estimates, not bids. I own Wardmark Property Operations LLC, a contracting company. You are always free to use any contractor you choose.