In Real Estate What Does Contingent Mean

I am sure you have looked a house up on Zillow and have seen the word CONTINGENT. This is a question that we get all the time from our buyer and seller clients so I wanted to answer it for you.

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The general definition of the word contingent is subject to chance That means that any one of a variable set of factors can change the outcome of a particular situation.

In real estate what does contingent mean. In real estate contingent is a status indicating that the seller has accepted a buyers offer that includes contingencies or in laymans terms specific requirements that must be met for the sale to close. If these conditions are not met the buyer has the ability to terminate the contract without incurring penalties. What Does Contingent Mean In Real EstateRealEstate RealEstateMarket HousingMarketIn this video Huntington Beach Realtor Jeb Smith talks about Contingen.

Basically what the word contingent or a contingency means is that there is a condition that is. If a listed home is contingent it means a potential home buyer has made an offer that has been accepted on the property with contingencies. What It Means When Buying a Home Home inspection contingent offer.

These conditions are items that if they dont happen result in cancellation of the contract and elimination of the need for any legal work to close. Contingent deals are still active listings because they are liable to fall out of contract if requested provisions are not met. If a home buyer makes a contingent offer that means the home sale will only go through if certain conditions are met.

What Does It Mean When A Property Is Contingent. Before finalizing the deal the homeowner must resolve the issues or problems. In real estate a contingency is a condition set in the contract that has to be met in order for the sale to close.

A home inspection contingency could well be the most important one for home buyers. But it doesnt mean the deal is done yet. There are a few.

Contingent or pending status means that the homes owner has accepted an offer from a prospective buyer and that the offer comes with contingencies. If all goes well contingent deals will advance to a pending state. Contingencies are conditions that either the buyer or seller or both must meet for the sale to go through.

With this real estate contingency a third party hired by the mortgage lender evaluates the. What does contingent mean in real estate terms. What Does Contingent Mean in Real Estate.

Contingent means the seller of the home has accepted an offerone that comes with contingencies or a condition that must be met for the sale to go through. When a property is marked as contingent an offer has been accepted by the seller. If the buyer is unable to meet the contingencies then they can back out of the agreement with their earnest money in hand.

Without further ado lets jump in. So the short answer is that it means that the property is already under contract to be sold to someone else. That way if something goes wrong during the sale the buyer can back out without losing their earnest money deposit.

This is a word that homebuyers and real estate professionals alike should know and understand. What Does Contingent Mean in Real Estate. By contrast a contingency in a contract is a condition to be satisfied beyond the essential requirements common to all real property agreements.

What does contingent mean in real estate. When a home is showing as contingent on a listing that means it is currently under contract but there are contingencies that must be met in order for the sale to go through. In this video we discuss what contingent means in real estate.

If its a real estate short sale meaning the lender must accept a lesser amount than the mortgage on the home a contingency could mean that the buyer and seller are waiting for approval of the. First lets define what contingent means in terms of a home thats on the market and its availability for purchase. When a real estate listing says its under contract that means a buyer has made an offer and the seller has accepted.

A contingent house listing means that an offer on a new home has been made and the seller has accepted it but before the final sale can advance some criteria needs to be met.

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