Can You Buy A House That Is In A Contingent Sale?
As you read through home listings, you should not be surprised if you see some listings with the word "contingent" on them, and others may state that the sales are pending. If you see these words in listings, you may wonder if you are still able to view these homes and make an offer on one of them. In some cases, you can, but in other cases, you cannot, and here are several things to know about this.
What a pending deal is
When a home listing reads as a "pending" sale, it means that the sale is pretty much a definite thing. A deal that is pending means that everything has been taken care of by the seller and buyer, and the two parties are just waiting to close on the deal. A pending sale will likely go through within just a couple of weeks, which means you cannot typically view a house that is pending or make an offer on it.
What it means when a house is in a contingent sale
When you see the words "contingent sale" on a listing, it is different from a pending sale. A house that is in this stage means that the seller accepted an offer, but there is work to be done. The work might be something the seller must do, such as making a big repair, or that the buyer must do, such as selling his or her current home. When a house is contingent, it might be set up in a way that the seller is still willing to show the house, and there is even a chance that the seller is still accepting offers on it. There is a type of contingent sale that allows sellers to sell their homes to other buyers at this time if the original buyer cannot eliminate the contingency within a certain amount of time.
Discuss it with a local agent
If you see these types of listings and are very interested in the homes, you should talk to your real estate agent to find out more about the homes and the current state of their sales. There is a chance that you may still be able to view homes that are in contingent sales, and it would be worthwhile to ask your agent if you are really interested. Contact a real estate agency to find out more information about single-family homes for sale that you would like to view.
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