WebA real estate contingency is a part of the purchase and sale contract that details specific, measurable conditions that must be met by a preset deadline to … WebWhat does it mean when a house is pending or contingent? When your real estate listing goes from “active” to “pending,” it means you’ve accepted an offer, but the sale hasn’t closed yet. (You’ll also hear real estate agents use the phrase “under contract” for this post-offer, pre-close time period, too).
Contingent vs. Pending vs. Under Contract (Real Estate)
WebMar 18, 2024 · As mentioned, a contingency in a real estate contract means that certain things must be completed for the home purchase to continue. An action has to occur to allow the contract to become binding and the sale to head toward closing. While the real estate contingency offers protection to buyers, it isn’t without its downsides. WebJan 8, 2024 · January 08, 2024. An active contingent property is under contract with another buyer, but the final sale of the home is dependent (contingent) on a specific set of criteria that must be met. If the property … newtranfer
7 Common Contingencies in Real Estate (And How to Deal With …
WebMar 21, 2024 · Contingent means that certain conditions — aka contingencies — need to be met before the deal can close. A homebuyer will often include contingencies in their offer to make sure they can get their earnest money back if the home does not appraise high enough, their mortgage isn’t approved, or another specified condition can’t be met. WebWhen a property is marked as contingent, an offer has been accepted by the seller. Contingent deals are still active listings because they are liable to fall out of contract if … WebJul 10, 2024 · A contingent offer is when a buyer makes an offer on a house that is not binding until certain conditions have been met. Essentially, if any contingencies are present in a buyer's offer on a house it is considered a contingent offer. Nearly all offers that real estate agents write up are contingent offers. new trane furnace