What does active with contingency mean?

Definition of Active Contingent

The sellers of a property in “contingent” or “active contingent” status have also accepted an offer to buy the home. But with a contingent listing, the contract is contingent upon the buyer’s ability to sell his existing home, i.e., if the buyer doesn’t sell his home, he is able to back out of the contract.

Also Know, what is the difference between active option and active contingent? Active Option Contract” means a seller has accepted an offer to sell a home, but the transaction is in the inspection or “option” period. In some locations, the active option contract is referred to as a contingency period or due diligence period.

Furthermore, what is the difference between pending and contingent?

Pending. Contingent means the seller of the home has accepted an offer—one that comes with contingencies, or a condition that must be met for the sale to go through. Contingent—Continue to Show: The seller has accepted an offer which hinges on one or several contingencies.

How do you bump a contingent offer?

If the seller receives a subsequent offer satisfactory to the seller that does not contain the same condition or contingency, the seller can “bump” the first offer, requiring the first buyer to waive the condition or contingency or allow the seller to accept the subsequent offer.

Can a seller back out of a contingent offer?

If the buyer does not remove the contingency, the seller can back out of the contract and sell it to the new buyer.

Does contingent mean sold?

What does for mean? In a real estate deal, contingent means that a sale is only going to go through if certain conditions are met. The seller has accepted an offer from a buyer, but there are conditions that either the buyer or the seller has put down as requirements for the final sale to be approved.

Can a realtor show a house that is contingent?

A real estate agent is not only allowed to continue showing a home that’s already under contract, he’s encouraged to do so in the best interest of his client. Likewise, homebuyers are also encouraged to view homes that are under contract, or pending, as the status is often referred to on multiple-listing services.

What does this home is contingent mean?

A contingent offer means that an offer on a new home has been made and the seller has accepted it, but that the final sale is contingent upon certain criteria that have to be met.

What does it mean contingent?

Definition of Contingent When a home is listed as contingent, it means the seller has accepted an offer but the deal is contingent on a home inspection, loan approval, or other contingency contained in the Purchase and Sale Agreement.

What is a contingent plan?

A contingency plan is a course of action designed to help an organization respond effectively to a significant future event or situation that may or may not happen. A contingency plan is sometimes referred to as “Plan B,” because it can be also used as an alternative for action if expected results fail to materialize.

Can you buy a house that’s contingent?

When you buy a house contingent on selling yours, it means that you buy the house only in the case that your current home sells. You don’t find a home buyer in a specified timeframe (usually 30 to 60 days), the offer and contract for buying the new home is voided.

What comes first pending or contingent?

When a property is marked as contingent, an offer has been accepted by the seller. Contingent deals are still active listings because they are liable to fall out of contract if requested provisions are not met. If all goes well, contingent deals will advance to a pending state.

What does the word contingent?

The adjective contingent can be used to describe something that can occur only when something else happens first. Making money is contingent on finding a good-paying job. When an event or situation is contingent, it means that it depends on some other event or fact.

Can we put an offer on a house that is pending?

The answer in most cases is no, but real estate transactions sometimes offer buyers another opportunity. Sale Pending – The home has an active purchase and sale contract that has been agreed upon by the buyer and seller. Normally these contracts do not allow a second buyer to “bump” the first buyer.

What is a contingent liability and what are some examples?

Description: A contingent liability is a liability or a potential loss that may occur in the future depending on the outcome of a specific event. Potential lawsuits, product warranties, and pending investigation are some examples of contingent liability.

What are common contingencies included in the purchase agreement?

Here are some of the most common purchase contingencies home buyers include within their contracts: Home Inspection Contingencies — This is one of the most common types of real estate contract contingencies, and with good reason. It’s sort of a no-brainer. We talked about the home inspection contingency earlier.

What does pending still show mean?

Pending means that the seller does not want to show the property to any other buyers at all. Pending continue to show means that the seller is moving forward with the current buyer in good faith. However, the property will continue to show through the listing agent.

What does contingent worker mean?

Contingent workers are defined as freelancers, independent contractors, consultants, or other outsourced and non-permanent workers who are hired on a per-project basis. They can work on site or remotely. Contingent workers are highly skilled experts in their fields.