What does Contingent mean in real estate?

Have you seen this status while searching for your next home but do not know what it means? Let me explain.

Active Contingent

This is a term that essentially means the homeowner has accepted an offer but they are still accepting offers. Contingent means that the buyers have a home to sell before they can close on the new home.

Should I submit an offer?

If you love the house go for it! The homeowners can still accept offers. A word of advice for you, it would be a good idea to ask the seller how long the contingency term is. You will want to know this so you have an idea how long you'll be waiting to find out if the contingency has been cleared, ie. the other house has sold and the original buyers can close or not.

Other things to consider:

In order to get an offer accepted with a contingency in this market, the terms had to be fantastic and the price was just right. You will need to make a very strong offer in order to get your offer accepted. And it would be a major positive if you do not have a home to sell before you can buy the one you want to make an offer on.

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