What you mean by contingent?

Definition of contingent

(Entry 1 of 2) 1 : dependent on or conditioned by something else Payment is contingent on fulfillment of certain conditions. a plan contingent on the weather. 2 : likely but not certain to happen : possible. 3 : not logically necessary especially : empirical.

What is contingent example?

1. The definition of contingent is something that depends on something else happening, or something that is possible or by chance. An example of contingent is the sale of one home going through after the buyer's house is sold; a contingent sale. adjective.

What does contingent mean with people?

As a noun, contingent means either "a group of soldiers that joins a larger force," like a contingent of British troops sent to assist American soldiers, or "a group of people with something in common," like the contingent of folks dressed as Batman at Comic-Con.

What contingent offer means?

A contingent offer on a house is an offer with a protective clause on behalf of the buyer. The contingency communicates that if the clause isn't met, the buyer has the right to back out of the purchase. This practice protects the buyer from: Losing earnest money.

What does it mean if a house is contingent?

A property listed as contingent means the seller has accepted an offer, but they've chosen to keep the listing active in case certain contingencies aren't met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.

What Does Contingent Mean

Can I make an offer on a house that is contingent?

Owners whose home is in contingent status can accept a backup offer, and that offer will have precedence if the initial deal does not go through, so if you like a contingent property, it makes sense for you to make an offer on the listing so that you are in position to buy if something goes wrong with that transaction.

Can I still show my house after accepting an offer?

Once an offer has been made and accepted and a closing date is set, it is pretty late for an agent to be showing a home. At that point, it is usually pretty certain that any deal will go through. However, unless the contract says otherwise, the real estate agent has no legal obligation to stop showing the property.

How do you accept a contingent offer?

Should I accept a contingent job offer?

Be positive. Receiving a contingent job offer is a good thing because it likely means that an employer is so impressed by your qualifications that they want to secure your employment before completing typical hiring procedures. Thank them for the offer.

What is the difference between contingent and under contract?

This means that both parties have committed themselves to proceed with the transaction, and it will proceed once any contingencies are met or waived by either party. If a property is under contract, there is a chance that the deal can fall through due to unforeseen circumstances.

What does contingent mean in business?

A contingency is a potentially negative event that may occur in the future, such as an economic recession, natural disaster, or fraudulent activity. Companies and investors plan for various contingencies through analysis and implementing protective measures.

How long does a contingent job offer last?

This period between a contingent offer and official employment can typically take anywhere from two business days to weeks, depending on how many steps are involved in your contingent offer or if you feel it is best to negotiate.

How often do contingent offers fall through?

Among contingent offers, less than five percent fall through, according to multiple sources. Broken offers may arise because the buyer isn't able to secure financing or because the seller isn't willing to lower their listing price after a low appraisal.

How do you negotiate a contingent offer?

When you receive the conditional offer, one of the first questions you should ask is "How many of these items are negotiable?" Tell the recruiter or hiring manager that you're interested in some mutually agreeable changes to ensure you're on the same page before the final offer.

Can a job offer be contingent on background check?

There is a conditional offer of employment without restrictions before the background check has cleared. There is a conditional offer of employment with restrictions before the background check has cleared. There is an offer of employment contingent upon the individual passing a background check before they start work.

What does contingent upon approval mean?

Related Definitions

Contingent approval means an accreditation status that is provisionally granted based on a review of written training course curriculum and other information and materials that describe the training course.

Can I outbid an accepted offer?

If the purchase contract hasn't been signed, the seller could accept another offer, even if you think they've accepted yours. The seller generally cannot cancel your contract if you are in compliance simply because the seller received a better offer from another buyer.

How do you know if your offer is accepted on a house?

If the seller submits a counteroffer, you typically have around 72 hours to respond, but the seller will note the exact amount of time you have to respond in their official counteroffer. The seller may only give you a chance to accept or deny the offer, or they may allow you to re-counter.

How long does it take to close on a house after the appraisal?

How long after appraisal does it take to close? It typically takes two weeks after appraisal to close a mortgage. But this isn't a promise. Your mortgage underwriting process could take longer if you have a low credit score or are self-employed and need to submit tax transcripts to document your income.

Can a seller back out of a contingent offer?

To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid.

What are closing costs for buyer?

Closing costs can make up about 3 – 6% of the loan amount. This means that if you take out a mortgage worth $200,000, you can expect closing costs to be about $6,000 – $12,000.

What does contingent mean on Zillow?

If you see the word “contingent” on your listing, it means that your buyer is working through any contingencies that were a part of their offer — like a financing contingency, home inspection contingency, or buyer home sale contingency.

Why are houses contingent for so long?

If the buyer's home doesn't sell within 30 days, the seller doesn't have to wait any longer and can put their house back on the market. If a home needs an appraisal or inspection, the contingency period may be longer depending on the availability of area inspectors and appraisers.

Do contingent offers work?

The Bottom Line. In situations where there are specific unknowns that buyers want to protect themselves against, contingent offers are a useful tool. By making contingent offers, buyers can sign otherwise binding contracts and not worry about suffering financial consequences if necessary conditions aren't met.

At what point do most house sales fall through?

Possibly one of the most nerve-wracking aspects of selling or buying a house is the risk of the deal falling through, with a record 30% of house sales fell through before completion. We Buy Any House look into the top causes of the problems resulting in sales falling through and how best to avoid these issues.