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Redfin Real Estate Forums :
Chicago :
Re: What does "Contingent" mean?
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What does "Contingent" mean?
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ajgorby
Newbie
Posts: 1
Registered: 07-21-2009
Message 1 of 3
Viewed 1,096 times
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This is probably a dumb question... so I apologize in advance. Does "contingent" mean the house is under contract / option pending? Or does "contingent" mean the house is under a contingent status with a Buyer, where the Buyer must sell their house before the Seller will sell the house... in this case, another Buyer can tour the house and make an offer? I just need some clarification. Thanks in advance.
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07-21-2009 08:26 AM
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Re: What does "Contingent" mean?
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Mark_Reitman
Redfin Market Manager
Posts: 57
Registered: 06-18-2008
Message 2 of 3
Viewed 1,078 times
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Hi ajgorby, Contingent means the house is under contract. However, there is some type of contingency. Much more often, than not, the contingency is simply the inspection/attorney review period. But, in some cases, there could be something like the home-sale contingency to which you referred. If you see a home listed as "Contingent" and would like to find out what type it is, shoot me an email with the address or MLS# and we can find out. Thanks for your question. Mark
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07-21-2009 10:54 AM
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Re: What does "Contingent" mean?
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Elle_Chicago
Contributor
Posts: 46
Registered: 03-31-2009
Message 3 of 3
Viewed 1,075 times
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Continegent means there is a current pending contract/offer on the property. It does not mean the house will be sold It does not mean the seller or buyer are locked into a deal It does not mean the house passed inspection or failed inspection It does not mean the terms of the agreement have been solidified or the buyer has secured financing Contingent means the sellers agent has received a contractual offer and the current owner of said property has agreed to the buyers contractual financial offer. This does not take into account addendums, or financing. I bought my house when it was listed as "contingent" already on redfin. I called the agent and asked him point blank "is the deal good or not" and he replied "I think it's going south". My realtor called him that same day, and I had another offer on the house within 24 hours-the current owner accepted MY offer-and I closed within 30 days.
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07-21-2009 10:56 AM
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