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.
MARILYN FARBER JACOBS
Jeffrey Ray & Associates
office: 561-638-9818 (cell: 561-302-3388)
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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.
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
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.
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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.
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.