real estate

What is a contingency?

 

What is a contingency?

The Bankrate.com financial term of the day is: "contingency."

An offer on a home can come with a string attached -- called a contingency. It's a condition that will have to be met before the sale can be completed. For example, maybe the home must have a flawless inspection, or maybe the buyer must be approved for a mortgage.

You found a great deal on a home, but will the deal go through? If there's a contingency, the answer is, "It depends."

To shop for the perfect home loan, visit the Mortgage section at Bankrate.com.

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