Home Buying in Arizona>Question Details

Misfit2, Home Buyer in Surprise, AZ

what does contingent mean?

Asked by Misfit2, Surprise, AZ Sat Jun 2, 2012

in a real estate listing

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Dear MIS

Depends on the context. However, generally it is a "condition" that must be meant for the purchase contract to be binding. Could be in a number of areas but not limited to, such as the following, seller's bank must approve as in a short sale, previous home must sell, home appraisal required, or some similar condition.

Jeff Masich
HomeSmart Realty
0 votes Thank Flag Link Sat Jun 2, 2012
Contingent means something that might happen but it is uncertain. Sometimes a contract can be contingent on another contract not being completed or a certain event happening such as financing. I hope this helps.
0 votes Thank Flag Link Sat Jun 2, 2012
Typically, Contingent means that the seller has accepted an offer and is waiting for the bank to accept the short sale. Contingent can also mean that the buyer is making an offer to purchase a home but needs to sell their home first.
Contingent usually refers to a condition that needs to met prior to the contract being ratified.
Purchase agreements have many contingencies written in to the contract - financing, appraisal, loan and inspection. As per the contract buyers have 17 days to remove these contingencies.
If you discover that a house you found on the internet is contingent you may still be able to submit a back-up offer. In that way you will be first in line in case the first buyer doesn't qualify, or decides not to buy the house.
Janet McCarthy
Connect Realty
0 votes Thank Flag Link Sat Jun 2, 2012
Good Morning,

It would be nice to let us know how the word is being used. Give us the sentence it which this word used.

Vivien L Biggs, PLC
Prudential Arizona Properties
Check MLS for homes on my website
0 votes Thank Flag Link Sat Jun 2, 2012
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