What does contingent mean in real estate?
This is a question that we get all the time from our buyer and seller clients, so I wanted to answer it for you. So the short answer is that it means that the property is already under contract to be sold to someone else.
A lot of times our buyers and sellers, they'll be looking on the online portal sites like Zillow, Realtor.com, Trulia, things like that, and they'll see a house that they love and it says contingent or backup - something like that. So what does that mean?
There are two statuses that a realtor can put a property in when it goes under contract. The first is called pending sale. So what that means is exactly what it sounds like - there is a sale pending to someone else and another buyer…
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