Don't buy house without these 3 contract contingencies: (1) contingent on the property being appraised at a minimum for the contract price.
(2) contingent on financing: This is obvious. If you cannot get a mortgage loan, you want to have the contract declared null and void and get your deposit back.
(3) contingent on a satisfactory home inspection. You don't want to buy the property only to find out that a new roof is needed, or that the electricity is not up to par, or that the plumbing does not function properly. If your seller objects to such a contingency, run (do not walk) away from the deal.
When in doubt get a Realtor.
Courtesy of Branch 777 of Southwest Funding 317-899-9935.