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Buying a Home in Mansfield: What is a Contingent Listing
If you've been browsing online listings of Mansfield homes for sale, you've probably come across some that are listed as "contingent." Some buyers shy away from contingent listings because they don't really know what that means, or because they assume it means that the home isn't available. That can be a big mistake.
So let's take a moment to go over contingent home listings, and the different types of contingencies you may come across on your home search.
Contingent Versus Pending Listings
Most real estate listings have a "Status," which is typically one of the following:
- Active
- Subject to Inspection (STI)
- Contingent
- Pending
- Sold
The statuses that cause many potential home buyers to scratch their heads are"Contingent" and "Pending." Each has a distinctive meaning, so it's important to understand the difference.
Contingent means that the certain contingencies, or conditions, must be met in order for the home to be sold. When you see a home listed as Contingent, it means that an offer has been made on the home, and it has been accepted by the seller, but the contingencies still have to be met. These listings are still considered Active and are worth keeping an eye on because if the contingencies are not resolved, the deal could fall through and the home may become available again.
Pending means that an offer has been made and accepted, and that all contingencies have been met. These homes are no longer considered Active, but will remain listed until all the legal work that goes along with selling a house has been completed.
Types of Contingencies
Homes can be listed for sale with all sorts of contingencies attached to them. These are generally conditions that either the buyer or the seller must meet in order for the deal to go through. A few of the most common contingencies you may come across include:
- Financial Contingency: The seller can opt out if the buyer is unable to get the home loan or mortgage they anticipated.
- Appraisal Contingency: If an appraisal of the home shows it to be worth less than expected, the buyer has the option to either request a lower price or opt out.
- Inspection Contingency: In the event that the home inspection reveals unforeseen issues, the buyer may request that repairs be made, that the price be lowered, or opt out.
- Title Contingency: The buyer can opt out if the title report reveals conflicting ownership status.
- Active - First Right: The seller may opt out if the buyer is not able to match other offers that have been made on the home.
- Active - Kick Out: The seller may opt out if the buyer is unable to sell their current home in time to buy a new one.
Ready to learn more about finding your dream home in the Mansfield, Ohio area? Contact us today. At Haring Realty, our REALTORS® are dedicated to helping you navigate the home buying process with ease.
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