What is what does it mean when a house is contingent?

When a house is listed as "contingent," it means the seller has accepted an offer from a buyer, but the sale is still subject to certain conditions that must be met before the deal can be finalized. These conditions are called <a href="https://www.wikiwhat.page/kavramlar/Contingencies%20in%20Real%20Estate">contingencies</a>, and they give the buyer an opportunity to back out of the deal without penalty if they aren't satisfied.

Here are some common types of contingencies:

• <a href="https://www.wikiwhat.page/kavramlar/Home%20Inspection%20Contingency">Home inspection contingency</a>: Allows the buyer to have a professional inspect the property and back out if significant issues are found.

• <a href="https://www.wikiwhat.page/kavramlar/Appraisal%20Contingency">Appraisal contingency</a>: Protects the buyer if the home's appraised value is lower than the agreed-upon purchase price. This ensures that the buyer's lender will finance the loan.

• <a href="https://www.wikiwhat.page/kavramlar/Mortgage%20Contingency">Mortgage contingency</a>: Gives the buyer a specific amount of time to secure financing (a mortgage). If they can't get approved for a loan, they can terminate the contract.

• <a href="https://www.wikiwhat.page/kavramlar/Sale%20of%20Buyer's%20Home%20Contingency">Sale of Buyer's Home Contingency</a>: This contingency allows the buyer to back out of the deal if they cannot sell their current home within a specified timeframe.

While a house is contingent, it's not officially sold. The seller may continue to show the property and even accept backup offers in case the first deal falls through. However, the seller is legally obligated to move forward with the original buyer if all contingencies are met.

Contingent status provides a window of opportunity for other buyers, but it also introduces uncertainty. A buyer interested in a contingent property should consider submitting a <a href="https://www.wikiwhat.page/kavramlar/Backup%20Offer">backup offer</a> to be next in line if the original sale fails.