When searching for a home on realtor.com, you may come across listings that are labeled as “contingent.” This term can be confusing for many homebuyers, but it’s an important one to understand if you’re in the market for a new home. In this article, we’ll break down what it means when a property is labeled as contingent on realtor.com and what that means for you as a homebuyer.
First, let’s define what “contingent” means. When a property is listed as contingent, it means that the seller has accepted an offer from a potential buyer, but the sale is still subject to certain conditions being met. These conditions are outlined in the purchase agreement between the buyer and seller, and they typically include things like inspections, appraisals, and financing.
For example, a buyer may make an offer on a home that is contingent on a satisfactory home inspection. If the inspection reveals major issues with the home, the buyer can either back out of the sale or renegotiate the terms with the seller. Similarly, if the buyer is unable to secure financing for the home, the sale may fall through.
It’s important to note that a property can be labeled as contingent for a number of different reasons. Some common contingencies include:
– Home inspection: This contingency allows the buyer to have the home inspected by a professional. If the inspection reveals major issues with the home, the buyer may request repairs or back out of the sale.
– Appraisal: This contingency ensures that the home is worth the amount the buyer has agreed to pay. If the appraisal comes in lower than expected, the buyer may renegotiate the price or back out of the sale.
– Financing: This contingency ensures that the buyer is able to secure financing for the home. If the buyer is unable to secure financing, the sale may fall through.
– Sale of current home: This contingency allows the buyer to back out of the sale if they are unable to sell thir current home.
So, what does all of this mean for you as a homebuyer? If you come across a property that is listed as contingent on realtor.com, it means that there is already an accepted offer on the home. However, if the contingencies outlined in the purchase agreement are not met, the sale may fall through, and the property will become available again.
If you’re interested in a property that is contingent, it’s still worth reaching out to the seller’s agent to express your interest. If the current offer falls through, you may be next in line to make an offer on the home. However, it’s important to understand that the seller is legally bound to the current buyer until the contingencies are met or the sale falls through.
Understanding what it means when a property is labeled as contingent on realtor.com is an important part of the homebuying process. If you come across a property that is contingent, be sure to speak with the seller’s agent to learn more about the contingencies and whether there may be an opportunity for you to make an offer in the future.
What Does It Mean When It Says Contingent On Realtor Com?
When you see a listing on Realtor.com that says “contingent,” it means that the property is under contract, but the sale is not yet final. The sale is contingent upon certain conditions being met, such as the buyer obtaining financing, completing a home inspection, or selling ther current home. The seller may also have certain conditions that must be met before the sale can be finalized. Until all of the contingencies have been satisfied, the sale is not yet official. Once all the contingencies have been met, the sale can move forward to closing, and the property will no longer be listed as contingent. It’s important to note that while a property is under contract, other buyers can still make offers, but these offers will be considered backup offers in case the current deal falls through.
What Is The Difference Between Pending And Contingent On Realtor Com?
On Realtor.com, a property that is listed as pending means that the sale of the property is currently being processed. This indicates that all the contingencies in the purchase agreement have been satisfied, and the property is in the final stages of being sold. On the other hand, a property that is listed as contingent means that the seller has accepted an offer from a potential buyer, but certain terms and conditions must be met befre the sale can be finalized. These contingencies may vary, but typically include things like home inspections, appraisal, and financing. If the buyer is unable to meet any of these contingencies, the sale may fall through, and the property will become available again. It’s important to note that a contingent property is still actively being marketed and can receive other offers while the contingencies are being resolved.
Is It Better To Be Contingent Or Pending?
When it comes to real estate listings, the terms “contingent” and “pending” have specific meanings. A property that is listed as “contingent” means that the seller has accepted an offer from a buyer, but there are still certain conditions or contingencies that need to be met before the sale can be finalized. These contingencies may include things like a home inspection, appraisal, or the buyer’s ability to secure financing.
On the oter hand, a property that is listed as “pending” means that all of the contingencies have been met and the sale is in the final stages of processing. The buyer has likely secured financing, completed a satisfactory home inspection, and the appraisal has come back at or above the agreed-upon purchase price.
So, to answer the question, it is generally better to have a property listed as “pending” rather than “contingent.” This is because a pending sale is closer to being finalized, and there is less risk that the sale will fall through due to issues with contingencies not being met. Of course, every situation is unique, and there may be reasons why a seller would prefer to have a property listed as contingent rather than pending. Ultimately, the decision will depend on the specific circumstances of the sale and the preferences of the seller.
Can A Seller Back Out Of A Contingent Offer?
A seller can back out of a contingent offer if certain conditions outlined in the home purchase agreement are not met. Contingencies are conditions that must be fulfilled before the sale of a property can be finalized. For example, a common contingency is the buyer securing financing for the purchase. If the buyer fails to secure financing, the seller can back out of the offer. Other contingencies may include a satisfactory home inspection or the sale of the buyer’s current home. It’s important to note that home purchase agreements are legally binding contracts, and backing out of them can be complicated and may result in legal consequences. However, if the contingencies outlined in the agreement are not met, the seller has the rigt to back out of the offer.
Conclusion
A contingent status on Realtor.com means that a home is under contract, but the sale is subject to certain conditions being met by the buyer and/or seller before the deal can close. This status indicates that the seller has accepted an offer, but certain contingencies need to be met before the sale is finalized. On the other hand, if a property is listed as pending, it means that all the contingencies were successfully met and the sale is being processed. As a buyer or seller, it’s important to understand the difference between thse two statuses and the implications they have on the sale. It’s also crucial to work with a reputable real estate agent who can guide you through the home buying or selling process and ensure that all legal requirements are met.
