what is contingent in real estate
Contingent, broadly speaking, means that the owner of the property has accepted an offer but the deal has yet to be fully finalized. This may be displayed on a real estate website with a label saying ontingent?or ontingent: continue to show? What is a Contingent in Real Estate?
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What is a contingent House in real estate?
In the instance of buying and selling real estate, a contingent house is one where the buyer has put down an offer and the seller has accepted. However, closing the sale depends on certain criteria being met.
Are all contingent offers a contingency?
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.
Can you make an offer on a contingent listing?
Can you make an offer on a contingent listing? There are no rules against buyers making an offer on a contingent listing. If you檙e up for a waiting game, go for it. But the sellers might not consider the offer, depending on what the sellers (and their real estate agent) have promised the other potential buyer.
What does’contingency’mean in real estate?
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.