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What does it mean if a home for sale is contingent

Discover the implications of a home being labeled as "contingent" when it is up for sale. Understand the factors that can lead to a contingent status and how it may affect your buying process.

Introduction

When you embark on the exciting journey of buying a home, you may come across various terms and jargon that can leave you perplexed. One such term is "contingent," which often appears alongside listings for homes that are up for sale. But what exactly does it mean if a home for sale is contingent? In this article, we will delve into the details, shed light on the implications of a contingent status, and provide you with a clearer understanding of how it may impact your buying process.

Understanding the Contingent Status

  1. What is a Contingent Status?

When a home is listed as contingent, it means that the seller has accepted an offer from a potential buyer. However, the sale is not yet final and is contingent upon certain conditions being met. In other words, there are specific obligations or requirements that need to be fulfilled before the sale can proceed.

  1. Common Contingencies
  • Financing Contingency: This is one
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 worth looking at a house that is contingent?

Owners whose home is in contingent status can accept a backup offer, and that offer will have precedence if the initial deal does not go through, so if you like a contingent property, it makes sense for you to make an offer on the listing so that you are in position to buy if something goes wrong with that transaction.


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.


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.

Ca house for sale what is contingent mean?

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 

How often do contingent offers fall through?

Among contingent offers, less than five percent fall through, according to multiple sources. Broken offers may arise because the buyer isn't able to secure financing or because the seller isn't willing to lower their listing price after a low appraisal.

Frequently Asked Questions

How much does a realtor make in Omaha?

How much does a Realtor make in Omaha, Nebraska? As of Oct 24, 2023, the average annual pay for a Realtor in Omaha is $71,582 a year. Just in case you need a simple salary calculator, that works out to be approximately $34.41 an hour. This is the equivalent of $1,376/week or $5,965/month.

How much does the average realtor make in GA?

Real Estate Agent Salary in Georgia

Annual Salary Monthly Pay
Top Earners $118,146 $9,845
75th Percentile $94,500 $7,875
Average $78,256 $6,521
25th Percentile $61,400 $5,116

Is real estate good in Nebraska?

The Nebraska real estate market has become synonymous with affordability. Average home prices across the state are well below the national average, which actually bodes well for residents. In association with an improving economy, Nebraska's relative affordability should serve to attract buyers from other states.

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