When you buy a cattle ranch in Lake City, a home for sale in the area, or anything else, the transaction depends on you having the money to actually purchase it—and your Lake City Realtor® will build a financing contingency into your real estate purchase contract that helps protect you if you can’t secure financing.
What is a Contingency?
A contingency is a condition that you or the seller has to meet in order for the transaction to work.
What is a Financing Contingency?
A financing contingency says that if you can’t secure financing to buy a property, you don’t have to buy it. Let’s say you make an offer on a beautiful, $300,000 cattle ranch that you absolutely love and that you intend to buy. You put down an earnest money deposit of $6,000 to show the sellers you’re serious… and then your financing falls through, and the bank won’t lend you the money for some reason.
A financing contingency lets you walk away from the deal; you’re not on the hook to buy a $300,000 property that you can’t afford. This contingency can also prevent you from losing your earnest money deposit.
Are You Buying a Home or Property in Lake City or the Surrounding Communities?
We’d love to help you find the right house, ranch, timberland, or property. Call us at 386-243-0124 or get in touch with us online to let us know what you need.
In the meantime, take some time to explore:
- Waterfront residential
- Waterfront land
- Bank-owned and foreclosures
- Short sales
- Paved road frontage
- Non-deed-restricted land
- Wooded oak tree land
- Land for land home combo