Buying A Home That Is Listed As Contingent On Internet Site ...

Q: My husband and I have been looking on the internet on Realtor.com at residential properties for sale and have found one we are interested in. The status of the home listing is ?contingent?. Does that mean we may still purchase it if we are already pre-approved for a loan? How does that work?
? carolinabeachbug, Beaufort, SC

A: Contact a local Realtor with experience in your target area and in the type of property that you are interested in. ?Contingent? (depending on local customs) probably means that the property is in escrow and the sale is contingent upon certain conditions/terms (i.e. property inspection, approval of condo docs) being satisfied.
Alex Cortez is a Realtor? with Wailea Village Properties LLC dba/Island Sotheby?s in Kihei, HI.

A: The word ?contingent? usually means that there is an agreement of sale already on the house with certain provisions that have to be satisfied before the sale can go through. Those can be inspections, buyer getting financing, etc. A seller cannot sell his or her home to you if they are under agreement with another buyer. You could submit a ?back-up? offer or you can express interest in the home in case their existing deal falls through. What bothers me about your question is that you are trying to do this without the help of a professional who should know all this. Are you aware you can have your own agent and that it usually costs you nothing? A commission for 2 agents is almost always built into a home sale. I am an exclusive buyers agent and I do not charge my buyers anything to use me. I suggest you learn more about this before you try to buy a home. Good luck!
Linda Walters is a Realtor? with Sage Realty LLC in Wayne, PA.

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Related posts:

1. What Does Contingent Offer Mean?
2. What Does A Status of Contingent Offer Mean?
3. What Do The Status Remarks Mean?Active, Contingent, Etc.
4. If We Made A Contingent Offer Can We Still Lose The House?
5. What Does Exclusive Mean On An MLS Listing Sheet?

Source: http://www.realtor.com/blogs/2012/09/20/buying-a-home-that-is-listed-as-contingent-on-internet-site/

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