epending on certain circumstances
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What does ontingent?mean when buying a house?
ontingent?in any sense means epending on certain circumstances.?In real estate, when a house is listed as contingent, it means that an offer has been made and accepted, but before the deal is complete, some additional criteria must be met.
What are the different types of contingencies in real estate?
There are a few types of contingencies in real estate, including: A financing contingency, also known as a loan contingency, means that if the buyer has trouble getting a mortgage for the home purchase, they can drop out of the contract with no penalty.
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 a contingency in a short sale?
If it a real estate short sale, meaning the lender must accept a lesser amount than the mortgage on the home, a contingency could mean that the buyer and seller are waiting for approval of the price and sale terms from the investor or lender.