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Contingent and pending in real estate both indicate your offer has been accepted, but neither means the sale is final Get a clear breakdown of the conditional phase in real estate sales and the requirements that precede closing. Contingencies are often used to protect the buyer from problematic home listings or unforeseen issues within the real estate transaction
Keep in mind that making a contingent offer on a property is easier if you’ve already found a lender you want to work with. What does “contingent” really mean Key takeaways a home sale contingency protects buyers from owning two properties at once
When deciding to accept a home sale contingency, consider market conditions and personal timing preferences.
A contingent property is under contract, but certain conditions, known as contingencies, must be met before the home can be sold A pending property is one that has an accepted offer, and all contingencies have been either met or waived If a home is contingent or pending, sellers may only accept backup offers if the sale falls through. If you’ve ever browsed home listings online or worked with a real estate agent, you’ve likely come across the term “contingent” attached to certain properties
But what exactly does it mean when a home is listed as contingent, and how should buyers and sellers respond We’ll break down what “contingent” means in real estate, explore the most common types of contingencies and. The home sale contingency says that the contract can be terminated if the buyer doesn’t sell their home before a predetermined date Thus, the purchase agreement is “ contingent ” on the sale of the buyer’s existing home
If the buyer’s current home sells, the sale of the new home can proceed.
What is a contingent offer It means an offer on a home has been made and the seller has accepted, but the sale is contingent on certain criteria being met.
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