When Selling A House What Does Contingent Mean

The biggest difference between contingent and pending listing statuses in the MLS has to do with the presence of a contingency in the sale. Does not mean the next buyer wont insist on the repair.

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We are selling AS IS and have a Federal Pacific Panel.

When selling a house what does contingent mean. This clause enables you to keep actively marketing the property while the potential buyers close their home sale. Find out what. So what does active under contract mean for both buyers and sellers.

What you should know Active under contract is a home sale status used in some areas to indicate that the buyer and seller have entered into a contract but there are still contingencies that need to be met before the sale is final. A bidding war for your property is exciting but multiple offers do come with risk. Sellers retain the right to cancel the contingent buyer if another buyer wants to buy the home without a home sale contingency.

This gives you more leverage to work out fixes with the homeowner or walk away if needed. For a 500000 home that could mean a 15000 loss. If youre buying or selling a house a right of first refusal might come up.

If youre a buyer you can make your offer contingent on the outcome of the home inspection. Depending on the terms of the purchase agreement the seller may also be able to seek specific performance meaning they can force you to purchase the home as agreed. We have agreed to help with the costs for the need change out of the panel but the buyers agent insists that the repairs be performed prior to closing in order for the buyer to be able to secure insurance.

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