HomeLight

JUNE 9, 2023

But as your eyes scan the details of the listing, you come across a term that makes you pause: “Contingent.” ” So, what does contingent mean in real estate? A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet.

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HomeLight

FEBRUARY 6, 2024

You’ve been searching for a home to buy, and you come across a property you love only to see it’s labeled as “contingent.” ” or even, “Can you make an offer on a contingent house?” You can then make a strong offer on your next home with no home sale contingency.

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HomeLight

DECEMBER 30, 2023

You may be building an online watchlist of homes you’re interested in seeing, but then you notice a label tagging your favorite property listing as “under contract” or “sale pending.” What buyer contingencies might put a listing back on the market? What home contingency missteps should you avoid when making an offer?

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Housing Wire

OCTOBER 1, 2022

As reported in the latest NAR Existing-Home Sales , inventory still remains in tight supply, which means homes are still moving at a fast past despite the recent rise in rates and home prices. One way to understand the competitiveness of the market is to look at buyers who are waiving contingencies. All cash buyers now stand at 24%.

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Realty Biz

SEPTEMBER 11, 2023

However, not all homes under contract successfully transition to a successful sale. Under Contract When a home is "under contract," the buyer and seller have agreed on the terms of the sale, but the transaction has not yet been completed. Many sales will never make it to the closing due to various contingencies.

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HomeLight

JANUARY 3, 2024

Sometimes you come across a home for sale that checks off every box on your list, but the listing status says that it’s “under contract” or “sale pending.” In most cases, there are contingencies in the buyer’s offer that need to be cleared before the transaction is moved to the more solid “sale pending” status.

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HomeLight

MARCH 7, 2024

A home purchase agreement , often referred to as a real estate contract, is a legally binding document between a buyer and seller outlining the terms of a property sale. Sale price and terms: The agreed-upon price for the property and the terms of the payment, including the earnest money deposit amount and financing details.

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Realty Biz

OCTOBER 20, 2023

However, amidst the excitement of finding the perfect property, there's a crucial step that many homebuyers might overlook or not fully understand - the home appraisal. In this article, we will take a closer look at why homebuyers might need a home appraisal and how this process can play a pivotal role in the real estate transaction.

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Realtor.com

JULY 13, 2021

But some buyers in especially tight markets are taking even riskier measures to beat out competitors: They’re removing contingencies. Contingencies, in the world of real estate, are essentially conditions that must be met to finalize the sale of a home. Home inspection. Mold remediation.

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RIS Media

MAY 13, 2021

Many buyers in today’s red-hot real estate markets are tempted to forego the home inspection. First, the home inspection allows the potential buyer to learn about any major defects or damage that will need to be addressed. Second, the home inspection can reveal potentially dangerous conditions.

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Realty Biz

NOVEMBER 11, 2020

The Definition of Contingent. Do you know what contingent means when either buying or selling a home? When you begin an online search for a home, you may find some sale statuses you don’t fully understand. For example, if a home sale is contingent or pending, can you still make an offer? If not, you should!

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Realty Biz

MARCH 28, 2022

What it does say is “Contingent Offer.” A contingent sale just means that some details still need to be worked out. The home inspection and the appraisal are the most common. But it could be some other contingency that you put in your offer. Another common contingency is the home inspection.

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Realty Biz

DECEMBER 15, 2022

These days, having a neutral third party to make sure everyone is satisfied with the sale and purchase can give both buyer and seller more peace of mind. . Many home buyers and sellers know that escrow is a financial arrangement with a third party who holds money or other property until the terms of the sale are complete.

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HomeLight

MARCH 28, 2024

When a home sale closing is delayed, it’s usually the buyer holding up the deal due to financing hiccups, low appraisals, title issues, or problems found during the final walkthrough. If there are contingencies around that, you live and die by the contingencies you’re obligated to.

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RIS Media

APRIL 8, 2022

Once you find your dream home and it happens to be marked as contingent, you can still place an offer. Here’s all you should know about contingent sales as a potential home buyer. Contingent meaning. An active listing means the home in question is currently on sale, and sellers are actively open to offers.

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HomeLight

DECEMBER 31, 2020

You can put so much effort into prepping your house for sale that you forget what happens after you receive an offer. Putting your John Hancock on a home sale contract might feel like the completion of a major financial deal, but it’s actually just the beginning of the home sale process. What does “sale pending” mean?

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Norada Real Estate

APRIL 15, 2023

The length of time a house can be under contract can vary, but understanding the contingencies and obligations during this period can help both parties prepare for a successful closing. Purpose of Under Contract The purpose of the under-contract period is to allow both parties to fulfill any contingencies and prepare for closing.

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Realty Biz

FEBRUARY 20, 2021

Contingencies in Real Estate Explained. Do you know what a real estate contingency is and how it works? Real Estate contingencies are when some defined action or outcome must occur before a contract becomes legal and binding. Home Buying Contingencies Explained. What Are The Most Common Real Estate Contingencies.

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Real Trends

DECEMBER 27, 2022

How often does a pending home sale fall through? A pending sale may be referred to as “under contract” by some real estate agents. A sale is considered pending until the seller formally accepts an offer from a buyer. It should be reassuring for all real estate agents that not many home sales fall through.

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HomeLight

MARCH 31, 2022

But one of the most influential bargaining tools is eliminating contingency clauses, especially the seller contingency clause, also known as the home sale contingency. Eliminating this important contingency can be tricky, but it may be the only way to get your offer accepted in a competitive market.

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Realty Biz

NOVEMBER 10, 2021

Is Buying a Contingent Home Possible? It can take a long time to find your perfect home, but just when you think your search is over, you might discover that it is listed as a contingent house. So can you still offer on a contingent home, or have you missed the chance to buy your perfect property? Home Inspection Discoveries.

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Realty Biz

AUGUST 22, 2022

I didn’t even include an inspection contingency. In a few short weeks, the market has gotten much softer in this neighborhood and I’m not even sure the house will appraise for my purchase offer. It does sound like the appraisal is key to answering that question. I’ll get into some common contingencies in a moment.

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Point2Homes

DECEMBER 8, 2020

When searching for the ideal home, expect to encounter a few issues along the way, such as homes listed as contingent. But, what does contingent mean and how does it affect your purchase? A home listed as contingent means the seller has accepted an offer. How is Contingent Different from Pending? Contingent Statuses.

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Realty Biz

JANUARY 9, 2024

From preparing your home for sale to negotiating offers, these tips will ensure a successful sale. Sometimes it stops their sale dead in its tracks until the errors are corrected. Understand the current market conditions, including recent sales, average time on the market, and pricing trends.

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HomeLight

NOVEMBER 29, 2021

But first, you have to sell your old home, potentially secure financing, and secure a home appraisal (and likely an inspection) on your new house. Most purchase agreements have some terms in place that must be met for the deal to go through, such as having a home inspection completed. Do contingencies benefit homebuyers?

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Realty Biz

SEPTEMBER 14, 2021

In some places, active under contract indicates that a contract has been signed but is contingent on certain conditions being met before the sale is finalized. In other locations, the sale may be referred to as being contingent in the multiple listing service (MLS). Contingencies When a House is Under Contract.

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RIS Media

AUGUST 31, 2021

NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, showed a 1.8% According to the report, 27% of buyers bypassed appraisal and inspection contingencies in July. The post NAR: Cooldown Persists as July Pending Home Sales Dip 1.8% MoM — Now 92.0

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RIS Media

JANUARY 18, 2022

A title search may reveal a lien on the property, the buyer may be unable to get financing because of a low credit score or high debt-to-income ratio, or the house may appraise for less than the agreed-upon price. What Is a Pending Sale? When a buyer and seller agree on a contract, it may contain a series of contingencies.

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Realty Biz

APRIL 20, 2022

Let’s look at the most common contingencies in an offer and what they mean to buyers and sellers. Common Contingencies Found in an Offer to Purchase. Home Inspection Contingency. One of the most common terms in an offer is the home inspection contingency clause. Help From the Seller.

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Redfin

AUGUST 26, 2020

A savvy homebuyer will schedule a home inspection for any home they’re serious about buying. In case you’re thinking of waiving the home inspection contingency, you should also be aware that some lenders require a home inspection as a necessary step before they finalize your home loan. What does the lender say?

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HomeLight

MARCH 31, 2021

The home inspections process is often one of the greatest obstacles to closing a swift sale. If the inspector finds issues with your property, your buyer can leverage these findings to negotiate a lower price or even walk away from the sale. Thankfully, you can take a proactive approach with a pre-listing home inspection.

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C4D Crew

MAY 1, 2022

This article will guide you through one of the more important of those documents—the purchase and sale agreement. . Defining Purchase and Sale Agreements (PSAs). Instead, it simply outlines the terms, conditions, and contingencies both parties (the buyer and seller) must meet to avoid the risk of legal action. The Closing Date.

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Redfin

JANUARY 26, 2022

One of these important pieces of paperwork is a purchase and sale agreement. . To help you navigate this document, we’ll go over what a purchase and sale agreement is, what makes up the agreement, and what happens after the agreement is signed. What is a purchase and sale agreement? Who drafts the purchase and sale agreement? .

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HomeLight

JULY 25, 2022

One of the world’s oldest sales maxims remains especially relevant in real estate transactions. That’s why buyers and lenders often contract with licensed, local appraisers and inspectors to perform an in-depth examination of the home and create a snapshot of its current market value and its condition. Caveat emptor.

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Realty Biz

APRIL 17, 2023

However, common contingencies offer the buyer protection in most real estate contracts when they cannot finalize a transaction. Buyers usually have real estate contingencies that could let them escape the sale. Due to the home inspection results, the buyer must provide written notice of their intent to terminate the contract.

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HomeLight

JANUARY 12, 2022

Next steps include the home inspection, appraisal, and final paperwork. 24, you can expect to close on the sale of your home somewhere between the end of February to mid-March. HomeLight’s Simple Sale platform provides cash offers for homes in almost any condition across the country. How long does closing take from here?

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Realty Biz

AUGUST 2, 2023

Additionally, understanding the closing process and utilizing additional resources and tools can streamline the sale. Setting the Right Price for a Quick Sale When selling your home quickly, one of the most critical factors is setting the right price. Overcoming common challenges is also vital.

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