Contingent Home Sale Meaning. Here’s a few additional resources for learning more about real estate status: Contingent in real estate means that the sale of a home is under contract but includes one or more contingencies. Almost every single contract will be contingent on the buyer receiving a clean title. While it’s hard to track how many contingent or pending offers fall through each year, research shows that around 4 percent of overall home sales fail.
Many contingent deals will fall through, leaving the seller looking for a new buyer. It’s rare, but some sellers will accept an offer with a home sale contingency. This is usually done to enable the buyer to achieve financing on the new purchase. In real estate, “contingent” is a status indicating that the seller has accepted a buyer’s offer that includes contingencies, or in layman’s terms, specific. What does active contingent mean in real estate? When a home is listed as contingent, it means the seller has accepted an offer but the deal is contingent on a home inspection, loan approval, or other contingency contained in the purchase and sale agreement.
This means that certain clauses have to be completed, by perhaps both buyer and the.
What does contingent mean in real estate? The main reason you should hesitate to accept a contingent offer is because there�s a lot of risk involved. Home listed as mls indicates a rare specific contract for the buyer’s sale of a home. It is pretty straight forward, especially if it is contractually clear what will occur if the buyer’s existing home sale does not work out. Conditional (often followed by on or upon): If you come across a property marked “contingent,” that means it’s already under contract between the buyer and seller, but is contingent upon some external factor included in the sales agreement, like financing, home inspection, home sale, or appraisal.
