- What does it mean when a house goes from pending to contingent?
- Can the seller take another offer when the home is under contract?
- Can agents lie about other offers?
- How do you bump a contingent offer?
- How long is a contingent offer good for?
- Do sellers always pick the highest offer?
- Should I accept a contingent offer?
- Can a seller back out of a contingent offer?
- Does contingent mean sold?
What does it mean when a house goes from pending to contingent?
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.
Sample reasons include: Complete sale of buyer’s current home.
Can the seller take another offer when the home is under contract?
This is quite a common question when it comes to buyers. … But, once an offer has been signed off by the seller, the property is under a legally binding contract with buyer and seller and the owner cannot accept any other offers, even if they are higher.
Can agents lie about other offers?
As everyone else has said, yes they can lie about other offers but if you have an escalation clause that is being used, they need to present the other offer if requested. … One of the problems with agents is they lie so much its essentially impossible to assume they are telling the truth … or to assume they are lying.
How do you bump a contingent offer?
A bump clause allows sellers to enter into a contract with a buyer but continue to market the property. If the seller then receives a better offer, they can bump the original buyer to get them to waive their contingency or offer more.
How long is a contingent offer good for?
According to R.C. Shea and Associates, sellers can keep their home on the market, and if they find a new buyer while you are trying to sell your house, they will give you 72 hours to continue the contract or drop out so they can accept the new offer.
Do sellers always pick the highest offer?
When it comes to buying a house, the highest offer always gets the house — right? Surprise! The answer is often “no.” Conventional wisdom might suggest that during negotiations, especially in a multiple-offer situation, the buyer who throws the most money at the seller will snag the house.
Should I accept a contingent offer?
The main reason you should hesitate to accept a contingent offer is because there’s a lot of risk involved. Selling a home is challenging enough as it is. If you’re also dependent on the sale of a second home owned by someone else, it makes the process a lot more stressful and unpredictable.
Can a seller back out of a contingent offer?
Just like buyers, sellers can get cold feet. … But unlike buyers, sellers can’t back out and forfeit their earnest deposit money (usually 1-3 percent of the offer price). If you decide to cancel a deal when the home is already under contract, you can be either legally forced to close anyway or sued for financial damages.
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.