What contingent means in real estate - What Does 'Contingency' Mean in a Real Estate Listing

What does contingent mean in real estate? When a home is contingent, that simply means the Seller has accepted an offer and the house is in escrow. Although, the offer has contingencies in place, or a condition that must be met before the sale is finalized.

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To understand what “sale pending” means, it helps to understand how typical real estate transactions work. A buyer generally makes an offer “subject to” a property inspection, a bank appraisal or full loan approval. Sometimes they make it “contingent upon” the sale of their current home. If they can’t get financing, sell their current home, or resolve an issue from the inspection.Common Real Estate Contingencies Financing Contingency. A financing contingency means that you must be able to get approved for a home loan in order for the contract to be valid. If you’re unable to obtain financing you will be able to back out of the agreement without fault.

A contingent property means an offer for the property has been accepted but there is a condition or “contingency” that is written into the contract and it must be met before the sale can go through. In order for the contract to be legally binding, the contingency must be met.

A contingency clause defines a condition or action that must be met for a real estate contract to become binding. An appraisal contingency protects the buyer and is used to ensure a property is.

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Without further ado let's jump in: What Does Contingent Mean in Real Estate? “Contingent” or “pending” status means that the home’s owner has accepted an offer from a prospective buyer and that the offer comes with contingencies. Contingencies are conditions that either the buyer or seller (or both) must meet for the sale to go through.

Contingent definition is - dependent on or conditioned by something else. How to use contingent in a sentence. Synonym Discussion of contingent.

Means two things: PS - there is a pending offer on a property, but the realtor is not overly confident that it will close so they are continuing to show the property to have backup offers if the pending offer doesn't move forward. Usually means p.

What Is a Contingent With No Kickout?. You've been browsing real estate listings for hours and finally come across a house that piques your interest. However, next to its status, it says.

There are standard offer contingencies in every real estate transaction, like your buyer's ability to inspect the property and to view the title report. Those contingencies are normal, but there's one contingency all sellers should be wary of. If you get an offer that's contingent on the sale of your buyer's home, you'll most likely want to pass.

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As a real estate term, a contingent sale can sometimes mean that a buyer is unable to purchase a property without selling one they already own due to financing, or it could be based on other contingencies too. While it does add an extra risk, if researched appropriately, it can be a safe decision. Confer with your agent on what the contingencies are, the neighborhood it’s in, and the buyer.

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