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People also ask
What is a contingent offer in real estate?
Not all contingent offers are marked as a contingency in the real estate listing. For example, purchases made with a mortgage generally have a financing contingency. Obviously, the buyer cannot purchase the property without a mortgage.
What does it mean when a house is for sale contingency?
Bottom Line: A home that for sale is labeled ontingent?when an offer has been accepted, but there are still some conditions to be satisfied before the sale goes through. Contingencies exist in most sales contracts for the protection of the buyer; if they檙e not met, the deal may fall through and the house may end up back on the market.
What does’contingency’mean in a real estate listing?
So when contingency appears in the listing itself, it means the sellers have already accepted an offer on the property (at least regarding price), but there are still steps to clear before the contract goes fully pending in the system, says Stephanie Crawford, a Realtor in Nashville, TN. Discover a Home You Will Love! home in your area.
What is the difference between contingent and pending?
Contingent and pending are two terms that are often confused, but that indicate different parts of the sales cycle. In the contingent sale, an offer has been accepted by the seller, but everyone is still working through the issues. Eventually the sale moves to ending,?which means the issues have been resolved and the deal is almost done.