Home Buying in Bend>Question Details

Linda L Hend…, Home Buyer in 97017

what is ment by active contingent?

Asked by Linda L Hendrickson, 97017 Fri Jun 5, 2009

There is a home in Bend, Oregon that I have been interested in. The listing says it is Active Contingent. I just sold my home and would be a cash buyer, do I have a chance to get this home, would a cash buyer have a better chance or would I be better buying another.

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A purchase offer has been made, the seller has accepted the offer, but there are buyer contingencies that may prevent the sale going through. The most typical contingency is financing—the buyer has yet to secure loan commitment. Other contingencies might be: the inspection period, either personal inspection, professional inspection or both; examination of financial records for income-producing properties; and/or the buyer’s sale or closing of another property (the latter being less common). There might be one or more contingencies.

In some cases, Active Contingent status means that the seller is willing to take backup offers, should the current offer not go through or if there is a “kick-out” clause in the agreement (a kick-out clause is an agreement between the buyer and seller giving the seller the right to demand contingency removal within a certain number of days; if the buyer cannot perform within that time period, the contract may be terminated).
0 votes Thank Flag Link Tue Jul 21, 2009
Call the listing broker Linda. That is the single best way to get the answer. An active contingent seems a little odd to be but it could be that there is a short sale or some things else involved. It is likely the case that the buyer is in escrow to buy the home but needs to sell theirs. Unless their home is sold I bet you can bump them off the deal and get it.

Call the listing agent. Offer to have them write the offer. Once they are making both ends of the fee I bet they will work very hard to get it for you.

It is sure worth a shot.

Regards;

Dirk Knudsen
Re/Max Hall of Fame
Web Reference: http://www.calldirk.com
0 votes Thank Flag Link Sat Jun 6, 2009
Linda,
If you would like me to look into the history of the house you are interested in, then please let me know. I can tell you the price reductions if any, and find out more information for you. I can also email you a Comparative Market Analysis on what has sold recently within the neighborhood. Please let me know if you would like my help.
Take Care,
Selena

Selena McNeill, Broker
Century 21 Gold Country Realty
550 NW Franklin Ave Suite 188
Bend OR 97701
Cell: 541-390-0595
Direct Fax: 1-541-982-2243
Email: selenamcneill@yahoo.com
Website: http://www.selenamcneill.com
Licensed Realtor in the State of Oregon, since 2004.
0 votes Thank Flag Link Fri Jun 5, 2009
Hello Linda,
Active means that the property is Active and currently on the market. Contingent means that the property has an accepted offer subject to maybe bank approval or a Buyer selling their property, or another reason. For example a short sale property will show as contingent, when it has an offer on it subject to bank approval. I hope this helps. Thank you for your questions. If you are not working with another agent, and would like my help, then please let me know. I have some really interesting Statistical Real Estate reports for Central Oregon that I can email to you.
Have a great weekend!
Selena

Selena McNeill, Broker
Century 21 Gold Country Realty
550 NW Franklin Ave Suite 188
Bend OR 97701
Cell: 541-390-0595
Direct Fax: 1-541-982-2243
Email: selenamcneill@yahoo.com
Website: http://www.selenamcneill.com
Licensed Realtor in the State of Oregon, since 2004.
0 votes Thank Flag Link Fri Jun 5, 2009
Hi Linda,
Generally when a home is listed in MLS as active/contingent there are usually 2 circumstances. Recently it has meant that the property is a short sale that has one or more offers that have been submitted and accepted by the owner but that the bank has not accepted. It is also possible that the buyer has submitted an offer that been accepted with a contingency such as the buyer needing to sell thier home in order to purchase the home they put an offer on. Linda, a cash buyer like yourself is in a strong position to "bump" a contigent offer. I have seen that happen many times in my 20 years as a broker. In this market a cash buyer is in a very strong position to be very aggressive when making offers. I am a very good negotiator and write excellent offers if you want to put one together and go after this property. It is also very prudent to do background work on each home and it's listing history and the situation the sellers are in. That information is crucial when writing an aggressive offer. My email is oregonhomes@hotmail.com. My cell is 541-419-3999. I would love to help you make a great purchase!

Thank you!

Rick Gehrke
GRI,CRS,CSP,ABR
Century 21 Gold Country
0 votes Thank Flag Link Fri Jun 5, 2009
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