If you are browsing through real estate listings there are properties marked with the word "contingent." What exactly is contingent for a particular property? Simply stated, a contingent state signifies that an offer has been received by the vendor and has been accepted; however, the sale's finalization depends on certain conditions being fulfilled.

Common Contingencies

The most frequently used contingencies are:

• Financing Contingency: The buyer must secure a mortgage loan.
• A Home Inspection Consequence: Your property must pass an inspection and any issues that are major might require resolution.
  
  
• Condition for Appraisal: A house is appraised at least at the price of purchase.
  
  
• Selling the home of the buyer: The buyer might need to sell their current residence first.
  
  

These provisions protect the buyer as well as allow the buyer to withdraw from the contract without penalty if the terms aren't met.

Can You Still Make an Offer?

Yes, you can. A contingent property doesn't disappear from the market completely. Buyers are still able to make backup offers in the event that the original deal doesn't work out. But the original buyer typically has the first right to proceed after the contingencies are settled.

Why It Matters

Knowing the meaning of "contingent" helps buyers make informed decisions and discover new opportunities in highly competitive markets.

For professional guidance on how to navigate potential listings and find the home of your dreams, get in touch with the professionals at the lvrealestatesales.