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What does contingent mean on a for sale house

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Hey, fellow home hunters! If you've been exploring the exciting world of real estate, chances are you've come across the term "contingent" when browsing homes for sale. Now, you might be wondering, "What does contingent mean for a house for sale?" Well, fret not! Today, we're diving into the enchanting realm of real estate jargon to demystify this term and help you navigate the house-hunting adventure with a smile. So, let's get started!

  1. Contingent Explained: Unlocking the Secret Code Picture this: You stumble upon your dream house listed as "contingent," and you're left scratching your head. Fear not, my curious friend! When a house is labeled as contingent, it simply means that the seller has accepted an offer from a potential buyer, but the sale is not yet finalized. In other words, it's like a little "under contract" sign hanging on the front door while things are sorted out behind the scenes.

  2. Contingent vs. Pending: Spot the Difference Now, don't get your real estate lingo in a twist

What does it mean contingent on house for sale

In the real estate market, it is essential to understand the various terms and conditions associated with house sales. One such term is "contingent," which has a significant impact on the buying and selling process. This review aims to provide a clear understanding of what it means when a house is listed as "contingent on house for sale." We will explore the positive aspects, benefits, and conditions associated with this term.

I. Understanding the Meaning of "Contingent on House for Sale":

  • When a house is listed as "contingent on house for sale," it means that an offer has been made by a potential buyer, and the seller has accepted it, subject to certain conditions being met.
  • These conditions typically include inspections, appraisals, loan approvals, or the sale of the buyer's existing property.

II. Positive Aspects of "Contingent on House for Sale":

  1. Increased Buyer Interest:

    • The listing being contingent can attract more potential buyers who may be interested if the initial offer falls through.
    • This can lead to a competitive situation, driving up the final sale price.
  2. Buyer Protection:

    • Conting

Can you put an offer on a house that is contingent?

If you're interested in a property that's listed with an active contingent status, you may still be able to make an offer. While the initial offer will take precedence if all the contingencies are satisfied, making an offer can put you at the head of the line if the original deal falls through.

Is it better to be contingent or pending?

If a home is listed as pending, all contingencies have been met and the sale is further down the closing path, with most of the paperwork in place — but the transaction has not yet been completed. You are more likely to be successful making an offer on a contingent home than a pending one.

Can a seller accept another offer while contingent?

Contingency with a kick-out clause That means the seller can continue to show the home and accept offers during the sale contingency period. If the seller gets a better offer, they'll allow the original buyer 72 hours to drop the sale contingency and proceed with the deal.

How long does a contingent offer last?

30 to 60 days The contingent period usually lasts anywhere from 30 to 60 days. If you have a mortgage contingency, the buyer's due date is usually about a week before closing. Overall, a home stays in contingent status for the specified period or until the contingencies are met and the buyer closes on their new house.

Is it worth looking at a house that is contingent?

Owners whose home is in contingent status can accept a backup offer, and that offer will have precedence if the initial deal does not go through, so if you like a contingent property, it makes sense for you to make an offer on the listing so that you are in position to buy if something goes wrong with that transaction.

Frequently Asked Questions

What does contingent in a house for sale means

A property listed as contingent means the seller has accepted an offer, but they've chosen to keep the listing active in case certain contingencies aren't met 

What does contingent house for sale mean

With a contingent offer, you have stated that a certain condition must be met before the sale moves forward. If it doesn't, the contract is void, and the seller 

Why would a house be contingent?

A contingent listing is one where the seller has accepted an offer, but is opting to keep the listing active while they make sure all conditions are properly met. If the contractual conditions are met — both by the buyer and the seller — the sale will go through.

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