What does this mean? I want to make an offer on a house and noticed that the status changed from Active to Contingent without kickout. Does this mean that I can't make an offer?
This is in reference to a house in Woodbridge, Virginia.
2007-12-30 03:31:39 · 7 answers · asked by programmer_va 3 in Business & Finance ➔ Renting & Real Estate
In all do respect, WRONG to the other posters.
If it's a home sale contingency, it would be with a kickout. I don't know any seller that would take their house off the market on the promise of a home sale contingency.
This contract is contingent on home financing or home inspection.
Have you agent call the listing agent and find out about the contingency. Have them ask if they would take a back up.
However, there are A LOT of homes in the Woodbridge VA area.
2007-12-30 04:07:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
From the web:
Usually, "Contingency No Kickout" means that a seller has accepted an offer that is contingent upon the sale of the buyer's home. The buyer needs money from their home sale to buy the seller's home. The seller takes their home off the market and waits.
Sellers, understandably, are reluctant to accept such offers because it means they are now under contract and off the market. They are now dependent on a process over which they have no control...the sale of the buyer's home.
Kickout clauses are a compromise between the two parties that make a home sale contingency more palatable. A kickout clause enables the seller to continue to actively market the home while under a home sale contingent contract. If they get another acceptable offer that is not contingent on a home sale, the first buyers are (depending on how the clause is crafted) given a very short period of time to release the contingency and proceed to settlement or void the contract. The seller is then free to accept the second offer.
No Kickout means that the seller has accepted an offer contingent on the buyer's home sale but without a kickout clause. The seller can solicit back-up offers should the original contract expire w/o the contingency being fulfilled but cannot accept another offer.
2007-12-30 03:46:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This Site Might Help You.
RE:
Contingent without kickout?
What does this mean? I want to make an offer on a house and noticed that the status changed from Active to Contingent without kickout. Does this mean that I can't make an offer?
This is in reference to a house in Woodbridge, Virginia.
2015-08-10 20:09:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It means that there is an offer on the home, subject to the buyer's selling their home. That's the "contingency" wording.
A "kickout" means that a second buyer can force the first buyer out (or to withdraw the contingency) by submitting a qualified offer without that contingency. Acceptance of the second buyer's offer is up to the seller's discretion.
"Without kickout" simply means that there is no kickout clause so a second offer can only be submitted contingent upon the first offer falling through for whatever means. In this case the seller must pursue the sale to completion or collapse before considering the second buyer's offer.
2007-12-30 03:47:23 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Contingent No Kick Out
2016-10-01 02:37:47 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Active Kick Out
2016-12-08 20:24:46 · answer #6 · answered by ? 4 · 0⤊ 0⤋
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2016-04-07 06:55:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋