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What does contingent mean?

I'm buying a house that was flipped.  foreclosed for 50K and now selling for 125K.  But there's no appliances, the roof needs replacement, and there's electrical code violations in the wiring.  Help.
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October 01 2013 - Summerville
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Answers (9)

I'm glad to hear that you've found another home to make an offer on – and that you have a buyer's agent who represents only your best interests.  If you'd like to read more about the Summerville area, we've included pictures and info about shopping, restaurants, schools, etc. on our website at [Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for information.]
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October 08 2013
I don't believe, this property is financeable, NO lender will lend unless you do a 203K fha.

Why do you want this home? 
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October 05 2013
Back out of the deal quick.  Sounds like a money pit.
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October 05 2013
You should be a poster child for why DUAL agency is not a good idea.

Sorry you had those problems.  I'm glad you got out of the deal with the clothes still on your back.  Thank goodness someone helped you out.

Also glad you found a competent buyers agent to assist you.
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October 05 2013
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Yes, I was paying $10K too much and I had to buy a new roof and add new appliances and cover all closing costs.  I was using the seller's agent as a double agent.  So, when I used the double agent's finance broker, and saw how expensive the whole thing was becoming, I went to a savings and loan company who told me that I was being taken advantage of, and that I better stand down, and withdraw my offer for that house, and start over with my own buyer's agent.  Thank heavens.  Now, I'm bidding on a better place for less money and all appliances are included along with a new roof, new HVAC and closing costs are covered and the interest rate and payments are way way down to where I have a chance to afford it.  That was a close one.
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October 05 2013
Contingent means something has to happen before the next step is achieved.

Why are you buying a home for 75K more that needs appliances, a roof and has code violations?  Are you using a Realtor?

Tell us what the contingency says and who put it on.  If you have gone to a lender it may be a lender contingency.
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October 05 2013
occurring or existing only if (certain other circumstances) are the case; dependent on.
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October 04 2013
That in order for the next step to take place, something needs to happen before proceeding. For example, if buying a home is contingent on the sale of your current property, the current home must sell before you can buy the next home. Hope this helps! :)
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October 04 2013
Contingent means there is some sort of contingency in the offer. A contingency is a condition that must be met or done first before it can close, like to get a loan, or to sell the current home before you can buy another, or to have inspections done, or to have an appraisal. An offer with no contingencies at all would be like a cash offer and close tomorrow.
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October 01 2013
 
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