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What does contingent mean?
I see the listings are contingent. What does that mean?
Asked By Trent | Galveston, TX | 615 views | Terms Definitions | 1 year ago
Answer(8)
Josephine & Raj Sharma
Legacy Homes Realty
Hi Trent, Contingent sale simply means the property is now under contract and pending sale and seller is taking backup offers. Hope this answers your question.
- 1 year ago
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Alicia Everett
Keyology Group LLC
Hello, Trent! Contingent in real estate means legally dependent on certain circumstances. For instance, you can have an accepted offer and have signed a contract that gives you a specific amount of time for you to do due diligence, like inspections. This would be an inspection contingency. There are also mortgage contingencies to protect buyers if their mortgage falls through. There can be a variety of contingencies in a purchase contract, usually all have defined time requirements. When a listing agent shows the status of contingent on a listing, they are saying that there is an accepted offer on the property, but all terms have not been legally met yet.
- 1 year ago
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Paul Burrowes
David Lyng Real Estate
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 by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.
Contingencies are likewise available for a home buyer to include with their offer to purchase. For example, an inspection contingency calls for an inspector to evaluate the home’s condition. If the home inspection reveals plumbing, structural or other severe issues with the house, the buyer has an opportunity to negotiate repair costs or back out of the home sale.
Other common contingencies include a mortgage or financing contingency and an appraisal contingency. A pending status indicates the seller and their agent are confident the sale has passed its major hurdles and is on its way to closing.
- 1 year ago
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Gloria Mitchell
Wilkinson Triad Realty
In a real estate transaction, a contingent is a condition wherein one or both parties must meet certain criteria in order for the sale to go through. Examples of contingencies might include the buyer obtaining financing, the successful completion of a home inspection, or the seller obtaining the buyer’s approval after the buyer’s attorney has reviewed all documents. Each contingent must be fulfilled in order for the sale to close.
- 1 year ago
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Jim Rossi
RE/MAX 2000
When you see contingent associated with a property online it typically means a contract was entered into by the seller to sell the property to a buyer who now has first option to purchase the property, but the word contingent can mean a lot of things, it can be contingent on the buyer having to sell or close on a property before they can buy, contingent on financing, contingent on a home inspection or any other terms that were negotiated in the contract.
- 1 year ago
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Pauline Dent
Keller Williams Chantilly Ventures
Contingent means someone wants to do something before an offer becomes firm.
- 1 year ago
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Sean Black
LUXE Properties
Contingent means "subjct to" or, the sale is dependent on certain criteria being met
- 1 year ago
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Thom Lemon
AustinHomeStore.com
When a property listed as contingent, it means the seller has accepted an offer, but they have opted to keep the listing active in case certain contingencies are not met by the prospective buyer.
Contingent also means a prospected buyer is under contract to purchase a property contingent upon successfully selling their existing property.
Thom Lemon is a Broker in Texas and is also a REALTOR®. Thinking about buying or selling real estate in Austin, TX? Call/Text Thom at 512-346-7355 or email him at [email protected]
- 1 year ago
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