I just found the most awesome home that was only listed for sale 7 days ago. Great price, new kitchen, new garden. Perfect house for a girly girl like me.
Im annoyed because I emailed my real estate agent at that time if he had that exact kind of listing.
It turns out he went and played golf instead of checking new listings for me Argh.
Anyway in the MLS, this house for sale status is listed as: Active, but contingent. What does that mean ?
Does this mean I still have a chance at it ?
I'm pre approved for a mortgage and already sold my old place.
Any advice appreciated
Also I should add this house is located in Southeastern PA if that helps on advice
2006-09-15 17:25:45 · 7 answers · asked by Leea 1 in Business & Finance ➔ Renting & Real Estate
I would ask your real estate agent about the opportunity for you to put an offer on this property. "Contingent" itself means something has to be satisfied before the deal is final.
If your real estate agent isn't performing in your best interest, let your expectations be known and if he isn't in agreement then find another agent. You sound like you are computer literate so your agent should use the technology available to notify you or new listings. There are lots of agents out there who will set up automatic notification of new listings within seconds of them being listed on MLS.
Make sure your agent is a "Realtor".
2006-09-15 17:41:05 · answer #1 · answered by Mystique 2 · 0⤊ 0⤋
Today when most buyers present an offer to purchase, they include a contingencies. This is known as a "contingent contract." In simple English, this means that if the specified event does not occur -- such as the buyers do not sell their house -- then the contract to purchase the new property becomes null and void and the purchasers are entitled to a full refund of any earnest money deposit.
The most common contingencies are financing and inspection but as another poster mentioned the buyers offer could be contingent on the sale of there home. This is actually the easiest to bypass. Sellers do not want to take their house off the market for an indefinite period so they accept the offer with a "kick-out" clause. Under this arrangement, the sellers add language to the real estate sales contract stating that while they are willing to accept a contingency contract based on the purchasers' selling their current house, the sellers will continue to market their house. If another qualified buyer is found, the seller will give the current purchaser a certain amount of time -- usually 72 hours -- in which to remove the contingency (i.e. keep the contract alive) or exercise the contingency and decide not to purchase the new property.
Have your agent call the sellers and tell them you are interested. The seller's agent is usually eager to line up other buyers in case the original falls through or the buyer is trying to sell there home.
//Rick
http://WWW.paccrestinspections.com
2006-09-15 18:10:11 · answer #2 · answered by Rick B 1 · 0⤊ 0⤋
Contingent Sale
2016-10-06 11:15:45 · answer #3 · answered by oplinger 4 · 0⤊ 0⤋
This Site Might Help You.
RE:
House under contingent contract?
I just found the most awesome home that was only listed for sale 7 days ago. Great price, new kitchen, new garden. Perfect house for a girly girl like me.
Im annoyed because I emailed my real estate agent at that time if he had that exact kind of listing.
It turns out he went and played golf...
2015-08-07 10:13:20 · answer #4 · answered by Eve 1 · 0⤊ 0⤋
It means a contract has been accepted but it is contingent on something. Could be many things such as financing, inspections, a house to sell, etc. You may be able to go in with a backup offer. Then if the first one falls thru you are already in the next position.
2006-09-16 07:29:35 · answer #5 · answered by Karen R 3 · 0⤊ 0⤋
There is someone else that has put an offer in and the sale depends (usually) on them selling their house, "contingent" on their sale.
Get that agent of yours to present an offer saying you are pre-approved and have cash from your sale ready to buy. Make sure he writes the offer making that clear and presents it NOW. Read the offer he writes carefully and question anything you don't understand or is not in your best interest. Don't forget to have your offer contingent on clear inspections so you won't get burned if something horrible shows up. Good luck!
2006-09-15 17:33:47 · answer #6 · answered by MadforMAC 7 · 1⤊ 0⤋
Contingent can mean many things. It's possible the buyer needs to sell their home and has entered into an agreement with the seller. If I was you, I would call the listing agent directly and present yourself as a serious buyer. What do I mean by serious? Your pre-approved by his mortgage broker, you have the initial deposit, etc... That agent will probably do his/her best to sell you the home. Good Luck!
2006-09-15 17:33:38 · answer #7 · answered by ? 3 · 0⤊ 0⤋
Contingent, like it would have said in the dictionary, means that the sale depends on something else happening. You have to find out what the contingency is (the something else).
2006-09-15 17:32:46 · answer #8 · answered by normobrian 6 · 0⤊ 0⤋
I wish to ask the same question as the op.
2016-08-23 06:54:24 · answer #9 · answered by Anonymous · 0⤊ 0⤋
yes it should
2006-09-15 17:26:24 · answer #10 · answered by Anonymous · 0⤊ 0⤋