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What Does Contingent Mean in Home Sales
 
Understand What Contingent Means in Real EstateHave you heard the term "contingent" when buying or selling a home and wondered what it meant? You will find the word contingent cropping up repeatedly when you sell your home. It can be used for financing, offers, appraisals, and more. But what does contingent mean, and how does it affect your home sale?
Contingencies are clauses where something has to happen for the sale to proceed. The buyer could leave the deal with their house deposit or earnest money returned if the contingency isn't met. Contingencies can delay your sale or send your home back onto the market in search of a new buyer.
As explained in the article above at Maximum Real Estate Exposure, in numerous multiple listing services across the country, agents can select from marking your home as "contingent" or "pending." These two terms could have different meanings depending on where you are located.
When selling your house, it is vital to understand these differences and how they can affect the marketing of your home. You should never underestimate nuances in real estate sales, as they can dramatically affect outcomes.
Let's review the contingencies you will likely face when selling your home.
Home InspectionsMost buyers will ... more

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