When a house is listed as "contingent," it means the seller has accepted an offer from a buyer, but the sale is subject to certain conditions or contingencies that must be met before the deal can close. These conditions can include things like home inspections, appraisals, securing financing (such as a mortgage), the sale of the buyer's current home, or clear property title. If these contingencies are not satisfied, the buyer can usually back out of the deal without penalty, and the house may go back on the market. For example:
- An inspection contingency allows the buyer to request repairs or withdraw the offer if major problems are found.
- A financing contingency means the buyer must secure a mortgage, or they can cancel the contract.
- A buyer’s home sale contingency requires the buyer to sell their current home first.
During this contingency period, the house is technically under contract but might still be available under certain statuses, such as "contingent - continue to show" where other buyers can still view and make offers. If all contingencies are met, the sale moves forward to closing. If not, the contract can be terminated. In summary, "contingent" means the sale is in progress but dependent on specific conditions being fulfilled before it becomes final. If these conditions fail, the sale might fall through.
