If you have been looking for a home with a realtor, you might be wondering what the real estate term contingent means. Let’s look at what contingent means on a realtor’s listings and how often contingent offers fall through in Colorado Springs. These answers will make your house search even easier.
What Does Contingency Mean in Real Estate Listings?
For those looking at real estate, the word contingency may give you pause. The contingent house means that there has been an offer made and it has been accepted by the seller, but something needs to happen before the final sale occurs. These sales contract contingencies often deal with mortgage approval, home inspections, or appraisals. Looking at various real estate terms helps you better understand what is going on with realtor listings in Denver, Colorado Springs, or the State of Colorado.
Does Active Contingency on a Real Estate Listing Mean the Property is Sold?
No, the house isn’t sold yet. However, contingency does mean that there is an agreement between the seller and a buyer. We often hear – if a house is active contingent, can I make an offer? In some cases, you can put in an offer. The seller can choose to have one backup offer, which would receive precedence if the original offer falls through for some reason.
Different Contingent Status Types in Real Estate Listings
Looking at some home listing examples, you can see the difference between contingent realtor listings. The two main classifications are Contingent — Continue to Show (CCS) and Contingent — No Show. The first says that the seller accepted the offer, but multiple contingencies must be addressed. While the buyer works on these items, other potential buyers can see the home and make an offer. The Contingent — No Show, this seller will not be showing the home while waiting for the contingencies to be worked out. When a home is listed as contingent, you want to know which of these statuses it includes.
Active Contingent vs. Sale Pending in Real Estate Listings
What does active contingent mean in real estate? We’ve looked at the two main statuses, but it is important to note that there is a difference between active contingent and sale pending. The listing changes from active contingent to sale pending when the offer has been accepted and all of the criteria have been addressed. These are not active listings but are just waiting for the legal work to be accomplished.
Should You Put in an Offer on an Active Contingent Real Estate Listing?
You can put an offer on a home with a contingent – continue to show status. However, you don’t want to sit around waiting for this home as the original offer takes precedence. You are simply going to be the backup offer if the original falls through. While you wait you be called up as a backup, there could be other houses that you were interested in and you may lose your chance to be the first accepted offer on another real estate listing (especially if you wait too long).
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When the time comes to buy a new home, you want Rene Beshear on your side. She is a top-rated and highly respected realtor in Colorado Springs. Coloradans just like you have trusted her with their real estate needs; now it’s your turn. Rene can help with home buying, home selling, open houses, staging services, and more. Contact her today to get started!