want to begin to search for their next home before they’ve completed the sale on their current home. Enter… a home sale contingency. In this instance, a buyer’s home offer is contingent, or dependent, upon the sale
MORE: How a mortgage nerd bought a house in a seller’s market Sellers are bound once the sale is pending Once all contingencies are settled (or if there are no contingencies in the first place), the home sale is pending. The seller can't back out of the sale, unless the buyer fails...
If you’re searching for a new home online, you may see listings labeled “contingent” and/or “pending” in addition to the standard “active” and “sold” listings. If the status is listed as contingent or pending, it means that the house is under contract; that is, the seller has...
Once the seller accepts the contingency offer from the buyer, they can take their house off the market and hope the rest of the purchase goes swimmingly. If they accept the contingent offer but still want to keep their options open, they can do what is called a kick out clause and keep ...
Buyers need to understand what contingent signifies in a listing. There can be many different types of contingencies that could stop the house from getting to the closing. Not all contingencies are equal regarding the likelihood of them stopping the sale. So, you need to know the contingencies ...
conditional - imposing or depending on or containing a condition; "conditional acceptance of the terms"; "lent conditional support"; "the conditional sale will not be complete until the full purchase price is paid" 3. contingent - uncertain because of uncontrollable circumstances; "the results of...
If there is a contingent house or pending house that you simply can’t miss out on, it doesn’t hurt to write a personal plea to the current homeowners. Regardless of the posted status or what the listing agent says, it’s not always possible to know the dynamics of a home sale. If...
Under a home sale contingency, your offer is subject to the successful sale of your current house. The contingency is most often based on a specific time period — such as 30 or 60 days — after which the contract is forfeited. You're off the hook for buying the home, and the seller...
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A contingent house listing means thatan offer on a new home has been made, the seller has accepted it and the home is now under contract. But before the final sale can advance, some criteria needs to be met. How do you use the word contingent?