A contingency is a condition added by buyers to their offer on a home, allowing them to withdraw from the purchase if specific terms aren’t met. The primary contingencies are Financing, Appraisal, and Inspection. Without these protections, buyers risk losing their earnest money deposit if they choose not to proceed with the purchase after submitting an offer. By removing contingencies, buyers take on more risk, transferring some protection away from the seller. In competitive, high-demand markets like the Palm Beach area, it’s common for buyers to waive all contingencies to strengthen their offer against competing bids.

Escrow involves a neutral third party that oversees the real estate transaction, securely holding funds and property “in escrow” until both parties confirm that all sale conditions have been fulfilled. The escrow officer manages your contract deposit, calculates pro-rated costs such as property taxes and HOA fees, and coordinates the signing of bank and closing documents when it’s time to finalize.

This is typically the first step before starting the home search. Having a reliable lender on your team is essential to a successful offer. Working with a trusted, local lender known to your agent can help make your offer more appealing. After the offer price, listing agents often look closely at the lender’s reputation—they want someone who consistently closes deals smoothly and on time, without appraisal issues. I can recommend several exceptional lenders who fit these criteria.

In the West Palm area, drawing up a purchase agreement (contract) and sending it to the listing agent is how we submit an offer. Before submitting an offer, I will walk you through the contract line-by-line to make sure you understand all clauses, sections, and contingencies.

It's common to be in this situation, and we will go over your options. Sometimes there are ways to buy before selling, if you are working with the right lender.