Home Buying in Bedford>Question Details

Meluzina, Home Buyer in Bedford, NH

I'm interested to buy a house in Bedford, NH. I see quite a few houses that are in a 'Contingent' status. Should I consider these?

Asked by Meluzina, Bedford, NH Wed Jun 20, 2012

houses not available as they seem to be under contract, or is each house situation individual and even the houses in the Contingent status are worth pursuing? I'm namely interested in the house on 32 Edinburgh, Bedford NH. Is it available?

Help the community by answering this question:

Answers

5
Scott Godzyk’s answer
Contingent means someone has placed an offer, it was accepted and signed by the seller and now the sale is contingent upon something to happen to be cleared to close. Most common are home inspections and mortgage financing. Most often these do close and do not come back on the market but certainly can. The other big contingincy is contingent on the sellers lender approving a short sale, this is a lengthy process. It is best to look at what is available first as it could be time consuming calling each listing to find out why it is contingent and what are the odds of it closing.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Jul 9, 2012
Hi, Meluzina:

Contingent means that a property is under agreement, but that there are some conditions to be met in order for the transaction to close such as inspections, financing, sale of the buyer's home, to provide a few examples.

IF you are pre-qualified for the financing and have a buyer's agent representing you, your agent should contact the seller's agent to check on the conditions. Then, you can decide if you should submit your offer to get a backup contract. This is a low risk way to be first in line for a property you really like if a contingency ends the contract in first position. Follow this link to get more details about this http://db.tt/CzVFIz0.

You should expect your buyer's agent to track everything down for you and ensure that the right one does not get away.

Warm Regards,

Chuck Braxton, REALTOR GRI
603/677-2154
cbraxton@metrocast.net
0 votes Thank Flag Link Wed Jun 20, 2012
The home just went under agreement/Contingent on June 11th. Subject to buyers financing. The buyers financing is currently in process, but we are still actively showing the property. If the seller accepts another contract, it would be subject to release of the 1st contract. Let me know if you would like to pursue.
0 votes Thank Flag Link Wed Jun 20, 2012
Contingent means someone has placed an offer on a property and it has been accepted but that there may be a contingency (such as inspection or financing). Its often that many items can not be resolved between a buyer and seller, and the property comes back on the market. If you would like assistance looking at any property in the Bedford Area, I would be happy to assist.
0 votes Thank Flag Link Wed Jun 20, 2012
In today's volatile market many contingent listings are not making it to the closing table. The two major contingencies in most real estate transactions are the inspection contingency and the financing contingency. If the home inspector finds any issues during the inspection or the mortgage application is not approved the sale can become nul and void. So the short answer to your question is yes, if the home that you love already has an accepted offer it may be worth pursuing it.
0 votes Thank Flag Link Wed Jun 20, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer