What Does Active Contingent Mean When Buying A House?

If a property has an active contingent status, it means the seller has accepted an offer from a buyer. However, the home sale isn’t finalized yet because certain contingencies need to be met.
Active contingent is one of the many status updates given to a property listing. If a property has an active contingent status, it means the seller has accepted an offer from a buyer. However, the home sale isn’t finalized yet because certain contingencies need to be met.

Can you make an offer on a house that is active contingent?

In most cases, putting an offer in on a contingent home is an option to consider. Although it doesn’t guarantee you’ll close on the home, it does mean you could be first in line should the current contract fall through. Putting an offer in on a contingent home is similar to the homebuying process of any active listing.

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What is the difference between contingent and active contingent?

When you are looking at online home listings, “active” status indicates that the property is available for sale. 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.

Why would a house go from contingent to active?

If a home’s status is “active contingent,” it means that the buyer has submitted an offer to the seller with contingencies, or issues that must be resolved before the sale of the property can be finalized.

Can you still buy a house if it’s contingent?

Can you put an offer on a house that is contingent? Most contingent listings will allow other buyers to place offers on the home. This is because contingent deals are still technically active listings and can fall out of the contract if the buyer does not meet the requested provisions.

How do you beat a contingent offer?

Here are just a few that can help you beat out the competition:

  1. Get approved for your mortgage.
  2. Waive contingencies.
  3. Increase your earnest money deposit.
  4. Offer above asking price.
  5. Include an appraisal gap guarantee.
  6. Get personal.
  7. Consider a cash offer alternative.

How long is a contingency on a house?

The buyer and seller must agree on the timeframe in which the buyer needs to secure mortgage approval. A contingency period typically lasts anywhere between 30 and 60 days. If the buyer isn’t able to get a mortgage within the agreed time, then the seller can choose to cancel the contract and find another buyer.

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Is pending or contingent better?

Is pending or contingent better? If a property is listed as contingent, the sellers has accepted the offer, but there are certain contingencies that need to be met, so the property is still active. If a property is listed as pending, however, the contingencies have been met and the sale is being processed.

Can a seller cancel a contingent offer?

To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid.

What does contingent mean on Zillow?

If you see the word “contingent” on your listing, it means that your buyer is working through any contingencies that were a part of their offer — like a financing contingency, home inspection contingency, or buyer home sale contingency.

What does it mean if a listing is active contingent?

Active contingent is one of the many status updates given to a property listing. If a property has an active contingent status, it means the seller has accepted an offer from a buyer. However, the home sale isn’t finalized yet because certain contingencies need to be met.

What does active contingent remove mean?

Whereas, active contingency removal means that when deadline passes, if the parties have not removed their contingencies in writing, they still retain it.

What does active contingent on a sale mean?

If a home’s status is “active contingent,” it means that the buyer has submitted an offer to the seller with contingencies, or issues that must be resolved before the sale of the property can be finalized.

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Does contingent mean sold?

What does contingent mean when a house is for sale? When a property is marked as contingent, it means that the buyer has made an offer and the seller has accepted that offer, but the deal is conditional upon one or more things happening, and the closing won’t take place until those things happen.

Are contingent offers a good idea?

The Bottom Line. In situations where there are specific unknowns that buyers want to protect themselves against, contingent offers are a useful tool. By making contingent offers, buyers can sign otherwise binding contracts and not worry about suffering financial consequences if necessary conditions aren’t met.

Can a seller accept another offer while contingent?

Can the seller accept another offer while negotiating a contract with a first buyer? Absolutely. We have seen cases where the seller has accepted another offer after the buyer has signed the contract and sent the deposit. A seller can do that before they sign.

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