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What does contingent mean in real estate listing

Discover the meaning of the term "contingent" in real estate listings, its implications for buyers and sellers, and how to navigate through this complex process in the US.

Introduction:

When browsing real estate listings, you may come across the term "contingent" next to certain properties. What exactly does it mean? Understanding this terminology is crucial for both buyers and sellers in the US real estate market. In this article, we will delve into the meaning of "contingent" and discuss its implications throughout the real estate transaction process.

What Does Contingent Mean in Real Estate Listing?

Contingent refers to a status assigned to a property listing when an offer has been made and accepted by the seller, but certain conditions (or contingencies) must be met before the sale can be finalized.

  1. Contingent Offers Explained:

    • A contingent offer means that the buyer has made an offer on the property, but the sale is contingent upon certain conditions being met. These conditions may include inspections, financing, or the sale of the buyer's current home.

    • The most common contingencies include the buyer obtaining financing, satisfactory

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.


What is difference between pending and contingent?

The difference is that contingent listings still need to meet one or more specific conditions before moving forward. With pending deals, conditions have been met, and both parties are planning to move forward to closing.

Why don't sellers like contingent offers?

Contingent offers provide protection to buyers. But there are risks involved, especially for sellers. Because contingent offers require some other event to take place – such as an appraisal of a home for a certain amount or a home inspector giving a residence a passing grade – they can fall through.

What does contingent mean in real estate listing?

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 

Can Zillow be trusted?

Conclusion: Can We Trust Zillow? Zillow is fine for what it is: one tool of many that homebuyers can use as they begin their search. However, it should never be used as a substitute for due diligence and research.

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FAQ

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Why should you list your property on Vrbo? Listing your property on Vrbo is a great way to drive traffic to your property listing. Your property will be displayed not only on Vrbo but on a variety of its affiliate sites, such as HomeAway, Expedia, Trivago, and KAYAK, giving it plenty of exposure.
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