Remove Home sale contingency Remove Lending Remove Purchase and sale agreement
article thumbnail

What Does Contingent Mean in Real Estate?

HomeLight

A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet. The final sale hangs in the balance, waiting for certain conditions or “contingencies” to be met. Get Started Are contingencies common in real estate? “All

article thumbnail

3 Top Reasons Why Sellers Sue Buyers for Backing Out of Home Sales

HomeLight

But for some buyers, that excitement can quickly turn to anxiety when it comes time to sign the purchase contract. Once you and the seller sign the purchase agreement, things start to get real. Which contingencies you included in your contract with the seller. What are contract contingencies?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Hard Money Lenders in Michigan: Quick Financing Options

HomeLight

In this guide, we’ll walk you through the essentials of hard money lending in Michigan, exploring how these loans work, their typical uses, and the costs involved. You can then make a strong offer on your next home with no home sale contingency. HomeLight always encourages you to consult your own advisor.

Finance 85
article thumbnail

Contingent vs. Pending: Real Estate Lingo Explained

RIS Media

.” There are other statuses in the MLS listings like “Pending,” “Contingent,” “Coming Soon” and “Expired.” ” What do they mean and how will they affect your home sale? Despite this, there can still be room to negotiate the conditions of the sale. Pending Meaning.

article thumbnail

The Top 9 Contingencies to Consider in Your Offer When Buying a Home

Redfin

A trained and certified home inspector will look for issues with the structure and home systems (like plumbing, electrical, and HVAC) that may not be obvious to the buyer. When you purchase a house that ends up in need of a major repair, you could take a significant financial hit. 2) Appraisal contingency.

article thumbnail

Real Estate Pending Vs. Contingent: MLS Lingo Explained for Sellers

HomeLight

Financing contingency Sometimes called a mortgage contingency , this specifies that the deal hinges on the buyer securing their loan. Considering that 78% of recent buyers financed their home purchase, this contingency is fairly standard. In other words, “pending” is the next step after “contingent.”

MLS 105
article thumbnail

Should I Sell or Keep My Paid-Off House?

HomeLight

To help decipher them, Mikki Ramey , a top real estate agent in South Carolina, and Richard Helali, a mortgage lending expert with HomeLight Loans , gave us some pointers. A home sale contingency is a clause added to a purchase agreement that makes the sale reliant on you selling your previous home before you can close on the next home.