Redfin

JUNE 11, 2025

In real estate, contingencies are conditions included in a purchase agreement that must be met for the transaction to move forward. Appraisal contingency When a buyer finances a home, lenders require an appraisal to confirm the property’s value supports the loan amount.

Purchase and sale agreement

First Team Real Estate

AUGUST 8, 2021

Home sales are moving quickly today because of limited inventory, causing lucky home sellers to see an increase in multiple bids or bidding wars. of offers faced bidding wars. What does it mean when it says accepting backup offers? If your buyer ends up with significant issues, your entire sale doesn’t have to end.

Backup offer

Realtor.com

JANUARY 12, 2021

The buyers fell in love and made an offer, and you let out a great, big sigh of relief when the contract was signed. Then it happens—another offer comes in, and a better one at that. When is a sale a sale? It is absolutely critical that, as a seller, you understand the purchase agreement and any counteroffers you sign.

Backup offer

Point2Homes

DECEMBER 8, 2020

But, what does contingent mean and how does it affect your purchase? A home listed as contingent means the seller has accepted an offer. However, before the sale can go to closing, certain contingencies must be met. However, even if the seller receives a higher offer, they cannot accept it. Contingent Statuses.

Purchase and sale agreement

HomeLight

MARCH 20, 2023

That means a large majority of homebuyers must consider the sale of their current home prior to buying a new one. Most often, this type of scenario calls for a home sale contingency. Find a Buyer's Agent What is a home sale contingency? Thus, the purchase agreement is “contingent” on the sale of the buyer’s existing home.

Home sale contingency

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). The seller has agreed to accept a contingent offer from the purchaser.

Backup offer

HomeLight

JANUARY 13, 2022

Many offers contain contingencies. In May 2020, 76% of closed sales contained purchase contingencies, a survey from the National Association of Realtors® (NAR) found. Common contingencies include issues with appraisals, home inspections, or the buyer’s home sale. Common types of contingencies. Inspection contingencies.

Backup offer