For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.contractAn oral or written agreement to do or not to do a certain thing.conventional mortgageRefers to home loans other than government loans (VA and FHA).convertible ARMAn adjustable-rate mortgage that allows the borrower to change the ARM to a fixed-rate mortgage within a specific time.cooperative (co-op)A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.cost of funds index (COFI)One of the indexes that is used to determine interest rate changes for certain adjustable-rate mortgages.

As long as the numbers work out in the end and you have planned for contingencies and such you should be fine.I just wanted to clear up that I am not against flipping.

If your contingencies in the contract are up, I am sure you could get out by pushing that this was not disclosed to you previously. 

I mean I have 10 million plus of those but that's inventory and I have a bunch of equity and well I never hold anything .. also coming into a little slower market I just wont get over my ski stips I might build 10 homes on spec in the 400 to 700 range but that's it.. if they don't sell I rent them and suffer a little negative to ride out the market and don't sell if prices are not in our favor.. so to use Thomas leverage ideas I do that a lot.. but just not on long term contingent debt..

I have made 4 offers in the last two weeks on estate sale homes, all cash, closing in 4 days, 100k earnest money, with only due diligence as a contingency.

I have made 4 offers in the last two weeks on estate sale homes, all cash, closing in 4 days, 100k earnest money, with only due diligence as a contingency.

Trust your contract has some contingency for separation.  

The seller would like to add a 21-day financing contingency in the LOI.3.

See if he will sit down with you a build out a spread sheet of costs.You could have backed out with an inspection contingency but you don't want to do that if you don't have to.

Like right now, I got an offer that's contingent upon them selling their other house first.