Whats does contingent mean?
“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.
Is pending or contingent better?
Is pending or contingent better? If a property is listed as contingent, the sellers has accepted the offer, but there are certain contingencies that need to be met, so the property is still active. If a property is listed as pending, however, the contingencies have been met and the sale is being processed.
Is a contingent offer bad?
Whether or not a seller should accept a contingent offer depends on the facts and circumstances for each transaction. This is good for the buyer and it’s also good for the seller. If you’re a seller, you don’t want to waste precious marketing time with a buyer who cannot qualify for financing.
How long is a contingent offer good for?
between 30 and 60 days
A contingency period typically lasts anywhere between 30 and 60 days. If the buyer isn’t able to get a mortgage within the agreed time, then the seller can choose to cancel the contract and find another buyer.
What does contingent mean in employment?
Contingent employment means a worker’s position with a company is temporary. The individual is not an employee of the business, and therefore isn’t hired on a permanent basis. Typically, contingent workers are hired to complete a project. Instead, contingent workers use their judgment.
Can a realtor show a house that is pending?
Realtors can continue to show a house that is pending. If this is the case, sellers will allow the Realtor or real estate agent to show the property during closing. Due to the many reasons a pending sale can fall through, it is not uncommon for sellers to continue to show the property.
What does pending vs contingent mean?
Yes, when a home is contingent it means the buyers have contingencies that must be cleared. The most common types of contingency are inspection, mortgage and appraisal. While when a home is pending it means there are no contingencies and most likely a done deal.
What does contingent with kick out mean?
“Contingent with Kick-out” means that the seller is willing to accept a better offer if one comes along and may “kick out” the current offer. “Contingent with No Kick-out” means that the seller won’t be accepting more offers; however, if the current offer falls through, the listing will be switched back to Active and…
What does contingent offer mean real estate?
A contingent real estate sales offer is a written purchase contract to buy a house that includes contingencies by which the buyer can nullify the sale. Contingencies are fairly common in real estate purchase contracts to protect the buyer and seller from an undesirable financial burden.
What is contingent in real estate sale?
In real estate, you’ll often see the word “contingent” attached to a condition. Contingent means that an offer has been accepted by the seller, but the listing is still considered active until specific requirements have been met, such as the buyer sells their house.