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what does contingent (no kick out) mean in case of a short sell?

  • October 15 2009 - Reston
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Answers (5)

I'm not an Attorney, however, I believe that in New Jersey it is after the offer is accepted on a real property that the contract could be contingent on something such as an Inspection. This contingency don't provide the seller with any right to accept another contract.

Also most contingencies come with a no-kick-out clauses, e.g., home inspection, radon inspections, finance/mortgage, property appraisal, etc, etc, etc.

  • December 14 2009
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Kenan,

It depends greatly on the lender - some lenders are better than others.  And partly on the listing agent's experience and comfort level with short sales.
 
However, if the house is priced correctly and the lender pre-approved the price, it should be uneventful transaction.  The problem is there are few lenders who accepted the reality that they will never recover the original loan amount.  

  • December 13 2009
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In short Sales  It does not mean a damn thing, its up to the bank to have the buyers sign every addendum they make and it can goall the way to the settlement table!!  But straight answer, Nothing , you might as well just have a contract w Ko Or No Ko , they dont care !
  • December 13 2009
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Profile picture for FairfaxJoe
Hi, It means that there are contingencies but the contract can not be kicked out by a better contract. Feel free to contact me at 703-209-4425 if you are looking for a short sale, I am an agent in that area.  Thanks, Joe
  • November 19 2009
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akhil1,

Contract contingent with no kick out means that the seller and the buyer have a ratified contract with some contingencies on the buyer's side. Of course, since it is a short sale, the contract is also most likely subject to lender's approval.

Most lenders agree to a short sale only if the seller can prove hardship and insolvency - otherwise the seller must write a check at closing.

If the contract was contingent with kick out, the seller would have the right to accept other offer if it came higher or with better terms than the ratified offer.  
  • October 15 2009
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