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What does the word contingent mean in a real estate ad

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In the realm of real estate, the term "contingent" holds significant importance. This article delves into the meaning of the word "contingent" in real estate ads, exploring its implications and providing insights for potential home buyers and sellers.

When perusing real estate ads, you may come across the term "contingent" quite frequently. But what does it really mean? Understanding the significance of this word is pivotal for both buyers and sellers, as it can impact the course of a real estate transaction. In this article, we will explore the meaning of the word "contingent" in a real estate ad, shed light on its implications, and equip you with the knowledge to navigate the real estate market more confidently.

What Does the Word "Contingent" Mean in a Real Estate Ad?

In the context of real estate, "contingent" refers to a property that has an accepted offer but is still subject to certain conditions or contingencies. These contingencies act as safeguards for both the buyer and the seller, ensuring that the transaction progresses smoothly and that both parties are protected.

The Different Types of Conting

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.

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.

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.

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 it mean when a house is for sale but it says contingent?

Depending on certain circumstances

What Does Contingent Mean In Real Estate? Contingent means “depending 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 does contingent-other mean in real estate

Contingent means “depending on certain circumstances.” In real estate, when a house is listed as contingent, it means that an offer has been made and accepted, 

Frequently Asked Questions

What does new contingent mean?

Contingent means “depending 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's the 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.

How long does a contingent offer last?

30 to 60 days

The contingent period usually lasts anywhere from 30 to 60 days. If you have a mortgage contingency, the buyer's due date is usually about a week before closing. Overall, a home stays in contingent status for the specified period or until the contingencies are met and the buyer closes on their new house.

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