Home Buying in Niles>Question Details

Ks3ra, Home Buyer in Morton Grove, IL

what does active contingent mean?

Asked by Ks3ra, Morton Grove, IL Fri Feb 15, 2013

--
This question was asked from this property: http://www.trulia.com/property/3083953062-8138-N-Ottawa-Ave-…

Help the community by answering this question:

Answers

4
The property already has a contract on it but they are still showing it.

Sean Cochran
Quality Mortgage Lending
630-470-6830 office
630-330-2229 cell
http://www.qmlending.com
FHA Loans down to a 580 Credit Score
No Money Down Purchase Programs
Unlimited Loan to Value Refinances of Fannie and Freddie Loans
90% Cash Out on Jumbo Loans
0 votes Thank Flag Link Wed Mar 6, 2013
It means they are still showing it, but already have a buyer contracted to buy it.
0 votes Thank Flag Link Wed Mar 6, 2013
In todays' market the most common reason to see "active cont." is when you have a short sale with an offer submitted to the bank for short sale approval. In reality, this property is probably not available to view or even offer on unless you are looking to be in a back up position. You will begin to see less "active cont." and more "pending short sale approval" because once an offer is accepted by the seller it really should go on MLS as pending. If you are looking to buy you will be best off sticking to "active" only so that you don't get frustrated that everything is already gone. I hope this was helpful.
0 votes Thank Flag Link Fri Feb 15, 2013
It means that there is an accepted offer on the property. But, it also means that the offer is "contingent" on something. It could mean that the financing isn't in place yet, it could mean that there is still an inspection that has to take place or that the attorney's are haggling over something in the contract. However, officially, it is still on the market and if the seller will allow it, you can see it and make an offer.
0 votes Thank Flag Link Fri Feb 15, 2013
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