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Contingent Sale

Contingent Sale

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 Stephanie Crain talks about a Home with a Contigent Sale How it Works • A buyer makes an offer and includes contingencies to protect themselves. • The seller accepts the offer, but the home doesn’t officially change hands until those contingencies are resolved. • While the property is listed as contingent, the seller may still accept backup offers in case the first contract falls through. Example A home might be listed as contingent on financing. That means the buyer must secure their mortgage before the sale can close. If they fail to get approved, the deal can be canceled, and the seller is free to move on to other offers. Common Types of Contingencies • Financing: Buyer must get loan approval. • Inspection: Home must pass inspection to buyer’s satisfaction. • Appraisal: Property must appraise at or above purchase price. • Home Sale: Buyer must sell their current home first. • Title: Property must have a clean, transferable title.

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