A Home listed as " Contingent " what does it mean? Thanks, Siegfried

Asked by sigip, Royal Palm Beach, FL Sun Dec 23, 2012

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Jennifer Sus…, Agent, Boca Raton, FL
Sun Dec 23, 2012
Dear Siegfried,

It means a contract is in place and it's "contingent" on something..whether it's an inspection, financing, bank approval, etc.

Sincerely yours,
Jen Sommers
Jennifer Sommers, Nestler Poletto Sotheby's International Realty
One South Ocean Boulevard, Suite 11 ⃓ Boca Raton, Florida 33432

O. 561.235.7777⃓ C. 786.390.9299 ⃓ F. 561.997.2614
Jen@AgentBoca.com ⃓ http://www.AgentBoca.com

"Artfully Uniting Extraordinary Properties with Extraordinary Lives"
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sigip, Home Buyer, Royal Palm Beach, FL
Sun Dec 23, 2012
That means every and all offers on a listing are contingent until the pending Contract is solid.
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Marilyn Farb…, Agent, BOYNTON BEACH, FL
Sun Dec 23, 2012
An offer from a buyer has been accepted by the seller and executed, but it is contingent on (valid only if) conditions being met, such as getting a mortgage or doing an inspection. Once the conditions are met, the contingency is removed, and closing comes next.

Jeffrey Ray & Associates
office: 561-638-9818 (cell: 561-302-3388)
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Maria Cipoll…, Agent, Coral Springs, FL
Sun Dec 23, 2012
Normally a single line on the sales contract will content " Contingencies" to maybe financing approval or third party approval, as well as inspection and apparisal. Buyers and sellers are entitled to some protection and this is what this clause is all about.

Best of Luck,

Maria Cipollone

Century 21 Tenace

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Bob Brubaker, Agent, Lake Worth, FL
Sun Dec 23, 2012
S- " Contingent " status means that there are conditions placed
in the offer accepted that have not been met , but there is a contract.
As Larry pointed out , there can be one or many. The most common
would include financing, repairs, or performance of some kind. These
days obtaining bank approval for a short-sale would be common.
What this should mean to anyone outside the transaction is that
that the present deal is not yet " firm " and depending on your
interest you may or may-not want to follow-up on the possibility
the conditions are not met-and the property comes " Back on the Market " !

Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference:  http://pbc-realcam.com
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Christopher…, Agent, Tarrytown, NY
Sun Dec 23, 2012
Hi, It typically means that the property is "under contract" between buyer and seller.

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Julie Rosent…, Agent, Jupiter, FL
Sun Dec 23, 2012
Hi, Sigfried,
Usually "contingent" status on a listing means there is a sale contract on it. Often that sale contract has "contingencies".Such as, the buyer is in process of inspecting the property or obtaining their financing.
Call Julie Rosenthal
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Jeff Hirsch, Agent, West Palm Beach, FL
Sun Dec 23, 2012

That means the home you are looking at is under contract and the buyer most likely in the process of inspection and getting all of their financing ready for closing. Also, if you see a home you like and it is marked as contingent, it can become back on market (BOM) as sometimes financing falls through or something may come up during the inspection and at the buyers discretion may withdraw from the contract.
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My NC Homes…, Agent, Chapel Hill, NC
Sun Dec 23, 2012
This means the home is under contract with contingencies. The "contingencies" are typically the going through the home inspections period and securing financing. Different areas have different norms and Florida is one state I've not bought or sold in but usually the contingency period on a straight sale will be around 30 days form the date the contract was signed. For foreclosures or other distressed sales this period is typically no more than 15 days from the date the contract was signed but these time periods are not written in stone and may be different for the specific property you're wondering about. Many MLS systems list the date the contingency expires, you should ask your Realtor.
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