Home Buying in Las Vegas>Question Details

Daphne000, Home Buyer in Cherry Hill, NJ

What is meant by contingency offer status on a sales listing?

Asked by Daphne000, Cherry Hill, NJ Sun Apr 28, 2013

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When you make on Offer on a house;
you should make it "CONTINGENT" upon getting the LOAN, CONTINGENT upon passing the Appraisal and CONTINGENT upon the Inspections.
These CONTINGENCIES will allow you to either re-negotiate the terms, or walk-away with your deposit.
In other words, they protect you.

If/when you get your loan in place; you will release the Loan Contingency.
If/when the Inspections are satisfactory; you will release the Inspection Contingency.
If/when the Appraisal is more than you are offering; you will release the Appraisal Contingency.
At that point; you are totally committed.
1 vote Thank Flag Link Sun Apr 28, 2013
It means the deal still has contigencies in place that could cause the deal to fall out of escrow. There is also a pending status that means it is escrow and the contigencies have been removed and it should be set to close.



Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Mon May 6, 2013
Daphne, once an offer has been accepted by the seller, the property goes into contingent status until the Buyer has had inspections, the Buyer has been fully approved for the loan, the preliminary title report has been received by the Buyer showing no liens on the property and an appraisal has been performed on the property.

Once all the above have been performed, the status goes "Pending" which means all conditions have been removed and the Buyer and Seller are just waiting for the closing date.

If you need additional info., feel free to contact me at bzisk@aol.com. Becky
0 votes Thank Flag Link Mon Apr 29, 2013
Hi Daphne,

There are two different statuses that an offer will be in at any given time, contingent or pending.

When it is in contingent status, that means that the seller has accepted that offer but that the buyer needs to complete some items before it is stable.

The contingencies are usually written into the purchase agreement (offer) and usually has a date by which the items must be completed. If they are not, seller likely has the option of canceling the contract with no penalty, depending on the contract.

Typical contingencies in Las Vegas include: viewing the house if they haven't seen it yet, getting the property inspected and resolving any inspection issues, or buyer obtaining full loan approval. It could even mean that the buyer's property needs to be sold before the new property can close (although this is not very common in Las Vegas these days).

The offer remains in contingent status until the items are rectified and then moves to Pending status until it is sold (closes). Once it goes into pending status, the contract is much more stable and if one party backs out at this point, often penalties are suffered by the party breaking the contract.
Hope this helps.
Good luck:)
0 votes Thank Flag Link Sun Apr 28, 2013
Properties are still available in the contingent status . Sellers can accept back up offers , With first right of refusal . An experienced Buyers Representative or Sellers Representative knows that a transaction can fall apart at any given moment and if you can be patient and position your buyer or seller to work those contingent back up offers then you might get the deal on . Sometimes you have to think outside the box for your buyers and sellers . That comes with experience and knowledge. You have to be creative and willing to be flexible .Alot of real estate agents don't understand the different and creative ways you can put a transaction together. Remember , the agreement always depends on what the buyer will do and what the seller will accept . Goodly I
0 votes Thank Flag Link Sun Apr 28, 2013
The short answer is: the property is not available because it is under contract with another buyer.

The majority of listings in contingent status are short sales (contingent upon lender approval of the short sale) which can remain in that status for months or even years.

Currently, approximately 7 out of 10 homes on the Las Vegas market are in contingent status. This makes it ridiculous and frustrating if you are searching for a home on sites that do not differentiate between "available" and "under contract" in their search results. Some buyers like to drive neighborhoods looking for "for sale" signs. ...same thing...7 out of 10 are not available.

To search homes for sale on a site that only displays available homes and does not waste your time by displaying listings that are not really available, use my site at: http://homesearch.botticellihomes.com
0 votes Thank Flag Link Sun Apr 28, 2013
A contingent agreement is one that is dependent upon another taking an action . Such as : a home inspection , approval of an HOA resale packet , another property selling , and financing . A contingency requires the buyer or seller to perform a specific duty in order to move forward wih the purchase or sale . If the agreed upon action is not performed , either party can either cancel the agreement (consequences)or work towards a written extension of the agreement . Back up offers can be placed on contingent properties . In a hot sellers market that can sometimes be a strategic move . But first check with your Realtor to see if the contingent offer looks solid or if it might fall apart . You can place a back up offer with first right if refusal should the first transaction fall apart . Hope that helps .
0 votes Thank Flag Link Sun Apr 28, 2013
Got one....
If there is an HOA....Contingent upon the HOA Resale package..
This is your approval of their guidelines,..rules and regs of what you can and cannot do with your property in that sub division...

Hank Lauzon III
Realtor

Exit Realty Number One
6600 W. Charleston #119
Las Vegas, Nv 89146

Cell 702-449-0899
Office 702-949-2409
Fax 702-543-6844

Web : http://www.HanksLVRealestate.com

Email: HankLVRealestate@aol.com

Facebook: http://www.Facebook.com/HanksLasVegasRealEstate
Never look down on anybody...unless you're helping them up.
0 votes Thank Flag Link Sun Apr 28, 2013
Ron beat me to the punch...
Good answer...
Not much I can add to that....

Hank Lauzon III
Realtor

Exit Realty Number One
6600 W. Charleston #119
Las Vegas, Nv 89146

Cell 702-449-0899
Office 702-949-2409
Fax 702-543-6844

Web : http://www.HanksLVRealestate.com

Email: HankLVRealestate@aol.com

Facebook: http://www.Facebook.com/HanksLasVegasRealEstate
Never look down on anybody...unless you're helping them up.
0 votes Thank Flag Link Sun Apr 28, 2013
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