Remove Inspection 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?

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

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? One of the most confusing things for buyers and sellers to understand is what contingent means vs. pending.

article thumbnail

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

HomeLight

So what are the contract stipulations that put a listing into that “Contingent” stage, and how common is it for a property to hang in closing limbo? Here are 5 common contingencies in real estate contracts: Inspection contingency A buyer and their lender understandably want a home inspection to make sure they’re not investing in a lemon.

MLS 105
article thumbnail

4 Things Sellers Need to Know About Backup Offers

First Team Real Estate

Home sales are moving quickly today because of limited inventory, causing lucky home sellers to see an increase in multiple bids or bidding wars. The only way around re-listing is to accept backup offers, so during the planning phase of your home sale, talk to your listing agent about the pros and cons of backup offers.

article thumbnail

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

Redfin

Though you can technically add any contingency you want to an offer, here are the 9 most common homebuying contingencies to consider. 1) Home inspection contingency. As the buyer you should always order a home inspection. 2) Appraisal contingency. 3) Financing contingency. 4) Home sale contingency.

article thumbnail

Your Guide to The Home Appraisal Process as a Homebuyer

HomeLight

Once your offer has been accepted by the seller and you have signed the purchase contract, it’s time to order an appraisal. Home appraisals serve to help buyers avoid overpaying for a property and help the lender avoid lending a buyer more money than the home is worth. Information about the neighborhood. If appraisal comes in low.