Name: Samantha, 34
City: Los Angeles
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Name: Ryan, 28
City: New York City
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What does contibgent mean on a house for sale
Hey there, curious readers! Today, we're diving into the exciting world of real estate to uncover the hidden meaning behind a puzzling term that you might stumble upon while browsing for your dream home. So, what does "contingent" mean on a house for sale? Let's embark on this whimsical journey together!
Picture this: you're scrolling through countless listings, heart aflutter with anticipation, when you spot your dream house. But wait, it says "contingent" right next to the listing. Fear not, my friends, for this term is not as daunting as it may seem! In the United States real estate market, "contingent" refers to a specific condition that must be met before a sale can be finalized. It's like a little obstacle course that the seller and potential buyer must navigate together.
Now, you may be wondering, "What kind of conditions are we talking about?" Great question! Contingencies are typically related to inspections, financing, or the sale of the buyer's current home. Let's break it down:
- Inspection Contingency: This means that the potential buyer is granted a period to conduct
What does contingetn mean on a house for sale
When browsing through real estate listings, you may come across the term "contingent" associated with a house for sale. This status indicates that the property is in the midst of a transaction but still subject to certain conditions or contingencies. In this expert review, we will delve into what exactly "contingent" means in the context of house sales in the US. By the end, you will have a clear understanding of this crucial term and its implications for both buyers and sellers.
Exploring Contingent Status:
Contingent status signifies that a seller has accepted an offer from a buyer, but the final sale is dependent on specific conditions being met. These conditions can vary widely and are typically outlined in a purchase agreement or contract. Common contingencies include obtaining financing, home inspections, appraisal values, and the sale of the buyer's current property. Each contingency must be satisfied within a predetermined timeframe, usually specified in the contract.
Understanding the Contingency Process:
When a house is listed as contingent, it means that the seller is still open to receiving offers from other potential buyers. However, if an interested buyer submits an offer, it will most likely
In real estate terms what does contingent mean
Hey there, fellow real estate enthusiasts! Today, we're going to dive into the fascinating world of real estate jargon and explore what the term "contingent" really means. So, grab a cup of coffee, put on your favorite fuzzy slippers, and let's unravel this puzzling term together!
Picture this: you're scrolling through online listings, dreaming of finding your perfect home. Suddenly, you stumble upon a property that catches your eye. Excitement fills the air as you read the description, but there it is, looming like a dark cloud: the dreaded word "contingent." But fear not, dear readers, for we're here to demystify this term for you!
In real estate terms, "contingent" refers to a situation where an offer has been made on a property, but certain conditions must be met for the sale to proceed. Think of it as a safety net that protects both the buyer and the seller. These conditions, or contingencies, can vary widely depending on the specifics of the transaction.
Now, let's break it down further. Say you've fallen in love with a charming cottage by the lake
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 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.
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
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.
What does contigent in home sale 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