January 22, 2014
If you’re a homebuyer, you may find yourself falling for homes labeled contingent – but what does contingent mean? In short, a contingent property is still available for showings, but it is under contract with another buyer. Of course, all contingencies are not created equal!
Contingent, subject to inspection: The buyer and seller have signed a purchase agreement, but the buyer is allowed to cancel the deal if the buyer does not like the results of the home inspection. Usually these inspections take place a few days after the purchase agreement is signed.
Contingent, sale of another property: The buyer and seller have signed a purchase agreement, but the buyer is allowed to cancel if the buyer's own home does not sell. This is ideal for the buyer, who is protected against having to buy before they’ve sold their current home.
Contingent, subject to third party approval: The buyer and seller have signed a purchase agreement, but the seller's lender must approve the sale because the sale proceeds will not be sufficient to pay
off the seller's mortgage loan.
How can I tell which properties are contingent?
Now, when you are on edinarealty.com or our mobile search tools, you can see the current, accurate status of properties in the “listing information” area. On edinarealty.com. you can filter by status to include or exclude contingent listings:
In the past, Edina Realty was only allowed to show a property as “active” or “sold.” We’ve recently received approval to display the listing status of properties that are contingent or pending sales.*
Your source for complete, accurate and timely real estate information
We know you have so many options when it comes to searching for homes, so we worked hard to be one of the first websites in our local marketplace to display this information. We’re dedicated to making edinarealty.com the best online resource for complete, accurate and timely real estate information.
*Only properties listed through the Regional Multiple Listing Service (RMLS), which makes up the bulk of Minnesota and western Wisconsin, will reflect this new feature. Some multiple listing services do not offer listing statuses for display online and therefore cannot be displayed.