Profile picture for diamond347

What is contingent?

  • September 06 2011 - Parma
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Answers (6)



I just answered a question you had about a pending transaction.

Again, you didn't mention an address in Parma, so I will give you a general answer.

When a Purchase Agreement is first accepted by the Seller & Buyer it goes into a contingent status first. Then, the next step is pending, if all of the contingencies in the Agreement are acceptable to both the Buyer & Seller. When a property is contingent, there is an Agreement on the house. That usually means that the Seller is not taking any other offers & there are no further showings (although sometimes a Seller will accept a back up offer, in case the contingencies are not met).  The contingencies can be, as examples, Buyer's loan approval from its Lender, home inspections, pest inspections, radon testing, etc.  If the Buyer cannot obtain a loan or if some issues turn up with the houses that are material defects (that the Seller will not or cannot fix), the homes can come back on the market in a for sale status.   



  • September 06 2011
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Profile picture for Dunes....
Best of Luck to you with whatever goal you have decided to pursue..Thanks for giving the Zillow Forum a chance and considering all views..

There are options for the Public and I hope you find those that work best for you...
  • September 06 2011
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Profile picture for diamond347
Thank you, Dunes!
  • September 06 2011
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Profile picture for Dunes....
Contingent...Dependent on conditions or occurrences not yet established; conditional

For Example...
When a Seller list a Property the Agencies/Agents charge a Commission..
The seller signs a Contract/Agreement
Let's say it's 6%, they charge this because they intend to pay the Buyers Agent 3%..
What if there is no Buyers Agent?  It's all mine na na na naaa NA na you signed an Agreement

Silly for the Seller to agree to that..
Every Seller should demand the 6% be CONTINGENT on there is a Buyers Agent otherwise the Listing Agent will receive an agreed upon lesser amount..say 4% in case they have to do a little extra work...

Any Buyer buying a Home without an Agent should ask the Seller to renegotiate the Contact/Agreement  and make their Offer CONTINGENT on the Listing Agent reducing the Commission ...
Contracts/Agreements are rewritten every day, as long as everyone agrees it is perfectly acceptable/legal

The public is Hiring Services and should take control of what they are paying for and why... getting an extra 3% because the Buyer has no Agent is just Robbery IMHO
$200,000 property and that's $6000

It should be Contingent on............................
  • September 06 2011
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Profile picture for diamond347
Thank you so much.  You answered that question very well.
  • September 06 2011
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Profile picture for Reallyfedup
Usually when you see a listing marked contingent, it means that the seller has accepted an offer but the offer is subject to some condition.  It could be contingent on financing, the sale of a house, the closing of a house etc. 

The contingency usually has a kick out clause of 24, 48 or 72 hours.  This means that if another buyer comes along with a better offer, the contingent buyer has the 24, 48 (or what ever it is) hours to match the 2nd offer or drop any and all contingencies.  If they can't, then the seller could accept the 2nd offer and the 1st offer would be null and void.
  • September 06 2011
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