You have your eyes on a home that just went up for sale. But you know it’s a competitive market and within a few days of listing, the house is labeled “contingent.” Have you missed your opportunity? Or do you still have a chance at the house?
In today’s fast-paced market, realtors often have buyers waiting to pounce on a home that’s in a very desirable area. Hot neighborhoods can even have lists of people waiting for something to pop up in the marketplace. That’s why it’s important to work with a realtor who understands where you want to live, the size of house you’re looking for, and the must-haves to get you to sign on the dotted line. This ensures you’ll know of “perfect” houses as they come onto the market.
When you see a listing that’s labeled “contingent,” that means that a bid has been placed on the house and accepted by the seller. But (and this is a big ‘but’) certain contingencies have to be met before the sale can happen. If you’re interested in a contingent home, there’s still a chance that you could end up buying that house. If you place a bid on the home, you could be considered the next in line if the current “winning” bidder or the seller decides to walk away from the offer. Contingencies can include issues that emerge due to a home inspection, mortgage processing, or appraisal value. If the potential buyer and seller cannot come to an agreement on how to handle these contingencies, then the deal can fall through.
Under Contract sales are those that are actively being processed. At this stage, it’s likely that the sale will be completed and that no additional offers will be accepted by the seller. Under Contract means that all contingencies have been either met or worked through—both the seller and the buyer have agreed on the terms of the sale.
We can’t emphasize enough the importance of having a realtor on your side in this situation. If you’re hoping to move into a very desirable neighborhood, there’s a good chance that others have that same hope! Let the Mindy + Darla team help you to stay on top of real estate opportunities to give you an edge when it comes to being one of the first to see—and bid—on the property of your dreams.