what does active contingent mean?

Asked by Fran, Grove Park, Titusville, FL Sat Sep 24, 2011

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10
Jessica Bate…, Agent, Beverly Hills, CA
Wed Feb 8, 2017
Active contingent is when a home seller has received an offer from a buyer, but the buyer needs to meet certain conditions before the sale can be finalized. These conditions may include a home inspection or getting approval on a mortgage loan.

You could submit a backup offer in case buyer 1 does not complete the sale for any reason, you would be next in line. You will need to find a lender and get a pre approval letter before doing this. You can find a reputable lender and get a pre approval quickly at sites like The Lenders Network.

Good luck!
12 votes
Kim Kirkwood…, Agent, Westerville, OH
Sun Sep 25, 2011
Active Contingent means that the home is under contract, and on it's way to being sold. Don't lose all hope yet, though, because there could be some type of contingency that is holding up the sale at the moment. It could be that the buyer who put in the offer needs to sell their home first before they can purchase that home, or, the buyer could be waiting to be approved for financing. If there is a home you are interested in that is listed as active contingent, don't be afraid to sk your buyer's agent to look into it for you. You may find that they are taking backup offers, and there may be a "kickout" clause in the pending contract, where the first buyer could get kicked out of the contract if they are not wiling to move forward with the sale, despite the contingencies.

Good luck!

Kim Boulter
Healthy Realty
843-640-7799
kimkboulter@gmail.com
Web Reference:  http://www.kimboulter.com
7 votes
Lisa Mosier, Agent, Titusville, FL
Sat Sep 24, 2011
Fran
there are different types of contingent.. Nornally it is not called active contigent, however there is an active with a 72 hours kickout clause. What this means, is the seller and the buyer have signed a contract, but in most cases, the buyer still needs to sell their home. So the seller keeps the house active on the market and if another buyer comes along, the first buyer must remove the contigencies within 72 hours. If not, then the seller can void their contract and go with the second buyer.
If you need any other questions answer. You can also contact me directly at 321.536.3208 or lmosierrealtor@cfl.rr.com

Lisa Mosier
Coldwell Banker Coast Realty
1551 Garden St
Titusville, Fl 32796
3 votes
Laura Sargent, Agent, Awendaw, SC
Sat Sep 24, 2011
It means the seller has accepted and agreed to an offer a buyer submitted. Unless something goes wrong with the transaction... the home is essentially sold.
Web Reference:  http://www.LauraSargent.com
3 votes
Jean Kelly, Agent, Titusville, FL
Sun Oct 9, 2011
It means that the seller authorized the selling agent to keep the listing active even while the property has a CONTINGENT offer on the table.

Usually the property is a Short Sale, and they are taking (and presenting to the bank) multiple offers. It's similar, yet not similar, to an auction.

My advice, skip this one and go on to another.

You can call if you need further explanation, or would like to discuss specifics. I can be reached:
321-544-8017
Jency Kelly, Realtor
Certified Distressed Property Expert
Foreclosure Prevention
Web Reference:  http://jeankelly.net
2 votes
Lholmes, Home Buyer, Titusville, FL
Sat Nov 12, 2016
how long can an active contingent last
1 vote
Marita Topmi…, Agent, Indianapolis, IN
Sat Sep 24, 2011
Hello Fran, The contingency typically involves waiting until financing is
cleared and inspection is cleared before the property is "Pended".

Kind Regards,

Marita Topmiller
Broker/Realtor
Indianapolis Area
1 vote
Ok, thank you. So once the inspection is completed (Friday) and financing (well on the way and loan officer stated will likely closer sooner than expected) then it should be in Pending status? So anxious... Indy
Flag Tue Jul 12, 2016
Tracie Laugh…, , Gun Barrel City, TX
Sat Aug 20, 2016
Ok the house we are trying to buy is not finished..But we have already come up with everything accept the closing cost..The house will be finished sept 1, and the closing will be sept 8..So why do they have it saying "active contingent". Does that mean someone else can snatch it from us?
0 votes
dlindsay2000, Home Buyer, Massillon, OH
Thu Mar 17, 2016
We have a cash offer that has been accepted and cashiers check for earnest has been given to our agent. We have signed all of the agreements, asked for nothing from the other side. No inspections, no home to sell, no financing to wait on. It's a REO property. All we need is the bank to sign their own contract. The property is listed as pending on one site, contingent on another and active contingent on 2 others. So in our case all it means is, they will continue to show it, continue to accept offers, all the way down to the day the bank signs the papers. According to the contract they submitted to us for signing, they can accept a better offer if it comes along up until they sign the agreement. Pretty crappy deal for a buyer who has made an offer, had it accepted, paid cash earnest in the form of a cashiers check and has done all the hoop jumping the bank that owns the property has asked for, but they can sell it to someone else midstream if they choose to do so. But that's the deal with Bank Owned.
0 votes
Robin Ricker, Agent, Titusville, FL
Sun Oct 16, 2011
This means there is already an offer on the property, but the seller may still accept other offers, usually in a short sale situation.
0 votes
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