What Happens When a Home is Contingent to the Sale of a House
Discover the ins and outs of what happens when a home is contingent to the sale of a house. Learn about the implications, potential risks, and tips for navigating this situation in the US real estate market.
When it comes to buying or selling a house, there are various terms and conditions to consider. One such condition is when a home is contingent to the sale of another house. This means that the sale of the home in question is dependent on the successful sale of another property. In this article, we will explore what happens when a home is contingent to the sale of a house, the potential implications, and provide some useful tips for navigating this situation in the US real estate market.
Understanding Contingent Sales
- What does it mean when a home is contingent to the sale of a house?
When a home is contingent to the sale of another house, it means that the sale of the first home is dependent on the successful sale of the second property. This condition is often included in contracts to protect the buyer or seller from being left without a home if the sale falls through.
- How does the contingency work?
In a contingent sale, the
When it comes to real estate what does contingent mean?
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Can you put an offer on a house that is contingent?
Can a seller accept another offer while contingent?
Contingency with a kick-out clause
That means the seller can continue to show the home and accept offers during the sale contingency period. If the seller gets a better offer, they'll allow the original buyer 72 hours to drop the sale contingency and proceed with the deal.
How often do contingent offers fall through?
Among contingent offers, less than five percent fall through, according to multiple sources. Broken offers may arise because the buyer isn't able to secure financing or because the seller isn't willing to lower their listing price after a low appraisal.
Should you accept a contingent offer?
If you spot an offer that's contingent upon the buyer selling their property, you should seriously consider passing it up. If you're reliant on two buyers getting financing and getting to closing, the chances are just too high your sale will be derailed. Learn more: Pending vs.
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