• Home |
  • What does home for sale – contingent mean?

What does home for sale – contingent mean?

how much do real estate agentsmake

What Does "Home for Sale - Contingent" Mean? A Comprehensive Guide

When searching for a home, it's crucial to understand the various terms used in real estate listings. One common term you may come across is "home for sale - contingent." This guide aims to explain the meaning of this term, its benefits, and the conditions under which it can be used.

I. Understanding "Home for Sale - Contingent":

  1. Definition: A "home for sale - contingent" refers to a property that has an accepted offer from a potential buyer, but certain conditions must be met before the sale can be finalized.
  2. Temporary status: This designation implies that the seller is still open to receiving offers and may consider backup offers if the current contract falls through.
  3. Buyer's obligations: Contingencies typically involve inspections, appraisals, financing, or the sale of the buyer's current home.

II. Positive Aspects of "Home for Sale - Contingent":

  1. Increased transparency: This label indicates that the property is currently under contract, helping prospective buyers make informed decisions.
  2. Backup offers: Buyers can submit backup offers, allowing them to express their interest in case the initial contract fails.
  3. Potential negotiation:

If you're interested in a property that's listed with an active contingent status, you may still be able to make an offer. While the initial offer will take precedence if all the contingencies are satisfied, making an offer can put you at the head of the line if the original deal falls through.

Can a seller accept another offer while contingent?

For example, the buyer has specific obligations called contingencies, which include things such as loan approval, home inspection, and a home appraisal. If the buyer fails to meet these contingencies by a designated date, the seller can cancel the agreement and then accept another offer.

Is it better to be contingent or pending?

If a home is listed as pending, all contingencies have been met and the sale is further down the closing path, with most of the paperwork in place — but the transaction has not yet been completed. You are more likely to be successful making an offer on a contingent home than a pending one.

How often do contingent offers fall through?

Among contingent offers, less than five percent fall through, according to multiple sources. Broken offers may arise because the buyer isn't able to secure financing or because the seller isn't willing to lower their listing price after a low appraisal.

Why don't sellers like contingent offers?

If you spot an offer that's contingent upon the buyer selling their property, you should seriously consider passing it up. If you're reliant on two buyers getting financing and getting to closing, the chances are just too high your sale will be derailed.

What is difference between pending and contingent?

The difference is that contingent listings still need to meet one or more specific conditions before moving forward. With pending deals, conditions have been met, and both parties are planning to move forward to closing.

How long does CA real estate license last?

Four-year

Licenses are issued for a four-year period and should be renewed prior to the expiration date listed on the license. As a reminder, the DRE mails a renewal reminder letter to the licensee's mailing address of record approximately 60 days prior to the license expiration date.

Frequently Asked Questions

How long does it take to get a MN real estate license?

The 90-hour education requirement consists of three 30-hour courses, known as Course I, Course II, and Course III. You can take the state licensing exam after successfully completing Course I, but you can't apply for a real estate license until you've successfully completed Course II and Course III.

What is a contingent house sale?

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 

FAQ

How many hours is a real estate course

You must complete a total of 135-hours of education in order to qualify to take the state licensing exam. The 135-hours are broken down into 3, 45-hour courses.

How long does it take to get a real estate license in NV?

This 120-hour pre-licensing coursework can be completed at a time specific to your schedule. For some students, it can take up to 3–4 months, while others are able to complete it in just one month.

What does home for sale - contingent mean?

How long does it take to be a real estate agent in Minnesota?

The 90-hour education requirement consists of three 30-hour courses, known as Course I, Course II, and Course III. You can take the state licensing exam after successfully completing Course I, but you can't apply for a real estate license until you've successfully completed Course II and Course III.

Is real estate major hard?

How Hard is Real Estate School? A real estate education will be challenging, especially if you don't have prior experience. The courses you take in a California real estate school are college-level, so there is a degree of difficulty, particularly for some students.

Leave A Comment

Fields (*) Mark are Required