What does contingent on a home sale mean?
depending on certain circumstances
“Contingent” in any sense 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.
Can you still offer on a house that is contingent?
Owners whose home is in contingent status can accept a backup offer, and that offer will have precedence if the initial deal does not go through, so if you like a contingent property, it makes sense for you to make an offer on the listing so that you are in position to buy if something goes wrong with that transaction.
Can a seller back out of a contingent offer?
Yes. A seller can back out of an accepted offer or before closing, as long as there are no specific clauses that state otherwise. That being said, whether or not a seller can back out of a contingent offer depends on the contract that was written and what is mentioned in it.
Can a seller accept two offers at the same time?
Sellers can accept the “best” offer; they can inform all potential purchasers that other offers are “on the table”; they can “counter” one offer while putting the other offers to the side awaiting a decision on the counter-offer; or they can “counter” one offer and reject the others.
Is it offering 10% below asking price?
Offering 5% to 10% below the asking price Do ample research so you can argue what the home’s true market value is. Many agents will recommend slightly higher listing prices with the assumption buyers will want to negotiate down, so don’t be afraid to try to snag a deal — especially if the home didn’t sell quickly.
What does contingent mean when buying or selling home?
What Does Contingent Mean When Buying or Selling Home? Contingent is a term that you may hear in a real estate office regarding a home offer. When an offer on a home has been officially placed, and the seller accepts it, the final sale is “contingent” upon criteria.
How to buy a house contingent on selling Yours?
– Time limits. The seller isn’t going to wait forever for you to make good on your offer and a contingent offer on a house should specify a time limit, usually – Kick-out clauses. A contingent agreement may include a kick-out clause which can shorten the time period considerably. – Competitive impact.
Should I make a contingent offer on a house?
Cons of Accepting a Contingent Offer. The main reason you should hesitate to accept a contingent offer is because there’s a lot of risk involved.
What does buying a house on contingency mean?
What It Means When Buying a Home A contingent offer means that an offer on a new home has been made and the seller has accepted it, but that the final sale is contingent upon certain criteria that have to be met.