Buying a home in Abingdon can move fast, and the word “contingency” shows up everywhere. If you are not sure what each contingency really does, it is easy to feel stuck. You want a strong offer, but you also want protection if financing, appraisal, or inspections hit a snag.
This guide breaks down the five common contingencies you will see in Virginia, how they work in real offers, and what is different in 24210. You will learn typical timelines, negotiation tradeoffs, and local tips for wells, septic systems, and loan programs. Let’s dive in.
Contingencies in Virginia: how they work
A contingency is a clause in your purchase contract that lets you cancel or renegotiate if a specific condition is not met within a set time. In Virginia, most residential deals use a standard purchase agreement with written deadlines and clear steps for each contingency. Your agent writes these timelines into the offer, and the seller can accept them or counter with changes.
Deadlines matter. You must deliver notices and documents in writing, on time, to keep your rights. If a contingency is not satisfied or removed by the deadline, you can often terminate and receive your earnest money back, as long as you follow the contract’s notice rules.
There is a tradeoff. More contingencies or longer periods give you protection, but they can make your offer less attractive to the seller. Shorter periods or waiving certain contingencies can help you win in a competitive situation, but they increase your risk.
The five key contingencies
Financing contingency
Purpose: Protects you if you cannot obtain the mortgage stated in your offer. A common clause reads like this: “Subject to buyer obtaining loan approval in the amount of $X at no greater than Y percent interest within Z days.”
Timeline: Many buyers use 21 to 30 days to secure final loan approval. Preapproval helps, but it does not replace the contingency. Underwriting still reviews your documents, the appraisal, and title.
Abingdon specifics: Many local buyers use VA or USDA loans, or local banks and credit unions. Program rules can add steps that affect timing. Review the CFPB’s homebuying guide for mortgage basics and timelines, and talk early with your lender about what they need to issue a clear approval.
Negotiation tips:
- Shorten the financing period only if your lender confirms the timeline works.
- Attach a strong preapproval letter to show capacity.
- Avoid bridge solutions unless you have clear financial and legal advice.
Appraisal contingency
Purpose: Ensures the home appraises at or above the purchase price required by your lender. If the appraisal comes in low and you have this contingency, you can renegotiate, pay the difference in cash, or terminate per the contract.
Timeline: Appraisals often occur 7 to 14 days after loan application, but rural markets can run longer due to appraiser availability.
Abingdon specifics: VA loans include Minimum Property Requirements that can trigger repairs. Learn how VA loans and appraisals work through the VA home loans resource. Rural or older homes may appraise differently than renovated comparables, so plan for possible gaps.
Negotiation tips:
- Use an appraisal gap clause to cover a set shortfall amount instead of waiving protection.
- Do not waive the appraisal contingency unless you can safely cover a shortfall in cash.
Inspection contingency
Purpose: Allows you to inspect the property and either negotiate repairs or credits, or terminate if the issues are unacceptable. You can order a general home inspection plus specialty inspections as needed.
Typical inspections:
- General home inspection for structure and systems
- Pest or wood-destroying organism (termite) inspection
- Septic inspection and pump records if not on public sewer
- Well water quality and flow test if on a private well
- Optional: radon, chimney, HVAC, roof, mold, or lead-based paint based on age and features
Timeline: Many buyers use 7 to 14 days, with 10 days as a common middle ground. Specialty inspections can require extra scheduling time.
Abingdon specifics: Septic and well systems are common in Washington County and deserve early attention. Termites are a known risk in Virginia, so a WDO report is typical. Septic repairs and water treatment can be major costs, so get quotes early if issues are found.
Negotiation tips:
- Schedule inspectors quickly at ratification to stay inside the deadline.
- If you want to be competitive, you can limit requests to health, safety, and major systems only.
- “As-is” offers may help win a home, but you accept repair risks. Even then, consider at least a walk-through or informational inspection.
Title contingency
Purpose: Ensures you receive marketable title and allows time to resolve easements, liens, or ownership issues. The title company runs a search, and the lender will require a lender’s title policy. You can also buy an owner’s policy for added protection.
Timeline: Title review typically takes 7 to 14 days, but resolving defects can add time to closing.
Virginia specifics: Closings are often handled by title companies, and older properties can involve historic easements or difficult-to-trace ownership. Learn why title insurance matters from the American Land Title Association’s title insurance basics.
Negotiation tips:
- Your contract can allow the seller time to cure a title issue. Include a clear cure deadline or a right to terminate if problems cannot be resolved.
- Strongly consider an owner’s title policy for long-term protection.
Sale-of-home contingency
Purpose: Protects you if you need to sell your current home before you can buy.
Market reality: In smaller markets like Abingdon, some sellers will consider this if timelines are tight and your current home looks likely to sell. The structure can be narrow, such as “must have a ratified contract by X date,” or broader, tied to the closing of your sale.
Typical structures:
- Contingent on receiving a contract on your home by a set date
- Contingent on closing your home by a set date
- “Kick-out” clause that lets the seller continue to market the home and gives you a short window to remove your contingency if they receive another acceptable offer
Negotiation tips:
- Offer a strong deposit and tight timelines.
- Be flexible on the seller’s preferred closing date or offer rent-back if needed.
- If the market is competitive, consider options that reduce reliance on this contingency.
Abingdon factors that impact your plan
- Rural systems are common. Many homes use septic and well systems. Book those inspections early, and review any available records.
- VA and USDA loans are popular. Program rules can add steps for appraisal and repairs. Explore the USDA rural loan program and the VA home loans resource.
- Local market pace varies. While multiple offers are less common than in big metros, desirable homes can still see competition. Short yet realistic contingency periods can help you stand out.
- Title and survey history may be complex on older properties. Ask your title company to flag easements or gaps early.
Sample timeline for a 24210 purchase
Here is an example to help you plan. Always confirm with your lender and inspectors before you commit to these dates in your offer.
- Day 0: Contract ratified.
- Days 1 to 3: Deliver earnest money. Schedule general, septic, well, and termite inspections.
- Days 1 to 7 or 10: Complete general and specialty inspections. Deliver any repair requests or a termination notice in writing before the deadline.
- Days 1 to 14: Title search and review of title commitment.
- Days 1 to 10 or 21: Appraisal ordered and completed as lender schedules.
- Financing contingency: 21 to 30 days for full approval, depending on loan type.
- Typical closing window: About 30 to 45 days after ratification. VA and USDA loans can run longer, depending on appraisal and underwriting.
Negotiation strategies that protect you
- Shorten periods sensibly. Inspection at 7 to 10 days and financing at 21 days can be competitive if your team is ready.
- Show strength without losing safety. Offer a larger earnest money deposit, provide proof of funds, and share a strong preapproval letter.
- Use an appraisal gap clause instead of a full waiver. Specify the exact amount you will cover if the appraisal is low.
- Focus repair requests on essentials. Ask for safety, structural, and major systems, or opt for a credit at closing instead of repairs.
- Consider escrow holdbacks. If a repair cannot be completed before closing, the seller can place funds in escrow to finish the work after settlement.
When to keep or waive a contingency
- Keep the inspection contingency unless you are ready to accept unknown repair costs. Older and rural systems add risk.
- Be cautious with appraisal waivers if you are financing. Your lender still requires an appraisal in most cases, and you may need to cover any shortfall.
- Only waive protections if you have strong reserves, clear lender assurances, and you understand the risks. Everything should be in writing and aligned with the contract.
What to do before you write an offer
- Get a written lender preapproval, not just a prequalification. Ask about appraisal timelines for your loan type.
- Request the seller’s property disclosure and any pre-listing documents like inspection reports, termite letters, septic pump receipts, and well records.
- Prebook local inspectors for septic, well, and termite if applicable.
- Choose a title company experienced with Washington County records.
- Decide your inspection scope and any dollar limits for repair negotiations.
- Review how the standard Virginia purchase contracts handle notices and deadlines at Virginia REALTORS.
Ready to shop with confidence?
The right contingency plan helps you compete and stay protected. If you are buying in Abingdon or anywhere across the Tri-Cities, you deserve local guidance that balances speed and safety. Reach out to Matthew & Andrea Pendleton for a clear plan, reliable timelines, and expert negotiation when you are ready to write.
FAQs
What is a real estate contingency in Virginia?
- A contingency is a written contract condition that gives you time to complete tasks like financing, appraisal, inspection, or title review, with the right to renegotiate or cancel if the condition is not met by the deadline.
How long do typical contingency periods last in Abingdon?
- Inspection is often 7 to 14 days, appraisal is usually completed within 7 to 14 days after loan application, financing approval is commonly 21 to 30 days, and closing is about 30 to 45 days overall.
Can I cancel if the inspection finds major problems?
- Yes, if you deliver written notice within your inspection period, most Virginia contracts allow you to request repairs or credits, or terminate and recover your earnest money per the agreement.
Should I waive the appraisal contingency if I have a mortgage?
- Waiving is risky because your lender still relies on the appraisal. If the home appraises low, you may need to pay the difference in cash or risk losing your deposit if you cannot close.
What inspections are most important for 24210 properties?
- A general home inspection, plus septic, well water, and termite inspections are commonly essential for homes in and around Abingdon. Optional tests like radon or chimney inspections depend on the property.
