![]() ![]() Many buyers choose to make offers without contingencies (they’ll waive inspection, for example) in order to make their offer more attractive. Buyers who sumit contingent offers should make sure that their bids are competitive-after all, the sellers may be accepting multiple bids while their sale is still contingent, and you want yours to stand out. It’s best for buyers not to get their hopes up when putting an offer on a contingent home because the likelihood is that the initial sale will go through. Yes, potential buyers can still make offers on contingent homes if the sellers-and their real estate agents-are still accepting backup offers. RELATED: What Is a Pocket Listing in Real Estate? Can a potential buyer make an offer on a contingent home? ![]() It typically means that there has been an issue in the process and that the sale is being delayed. More Than 4 Months: Buyers may see this designation in the MLS (Multiple Listing Service) when a sale has been pending for more than four months.Taking Back-ups: If a sale is pending but the seller is taking backups, it means the seller is willing to accept additional offers in case the current sale falls through.If a home is pending short sale, it simply means it’s going through the short sale process. This process allows homeowners who are unable to make their monthly payments to sell their home at an amount that will allow them to pay off the difference between what they owe and what the house sells for, as well as any other debts they may have. Short Sale: A short sale is a way for a homeowner to sell their home for less than the balance of the mortgage. ![]() These are some of the most common types of pending sales: It is essentially one step past “contingent” along the path to a sale. All contingencies have been satisfied and all documents prepared for signing by both parties. What does “pending” mean? If a home is listed as “pending,” it means that all details have been worked out and both parties have agreed to proceed with the sale. Photo: What does “pending” mean in real estate? RELATED: The Best Real Estate Websites for Finding Your Next Home If a buyer is trying to purchase a new home and sell their existing home simultaneously, they may want this contingency in their sales contract so they are not obligated to pay two mortgages at the same time. House Sale Contingency: A house sale contingency is a clause in the sales contract for a home that stipulates that the buyer may cancel the purchase if he or she is unable to sell his or her current home.Financing Contingency: In a real estate contract, a financing contingency allows the buyer to cancel the sale if they can’t get financing.If this happens it’s not uncommon for the buyer to ask for additional concessions, such as lowering the sales price or paying back closing costs. Appraisal Contingency: An appraisal contingency is a clause in a real estate contract that allows the buyer to back out of the sale if the home appraises for less than expected.If something is wrong with the property, the buyer can then decide whether or not to move forward with the deal, ask the seller to make repairs, or walk away from negotiations altogether. The inspector will verify that the roof, plumbing, and other important home systems are in good condition. Inspection Contingency: This contingency ensures that buyers can get a professional inspection done on the property before closing.These are some of the most common real estate contingencies: The buyer has the option to back out of a sale if their contingencies aren’t met. The word “contingent” means “dependent upon something else” or “dependent on conditions.” Common in most real estate deals, contingencies are put in place to protect both the buyer and seller as they enter into a contract they are conditions that must be met before a contract becomes valid. This article will provide answers to two common questions: what does “pending” mean in real estate lingo? And what does “contingent” mean? What does “contingent” mean in real estate? ![]()
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