Contingent means the seller has accepted an offer on the property from a buyer, but the sale is dependent on one or more factors completing.
There are different types of contingent statuses:
- Home Inspection -- contingency to have the house professional inspected. If there are problems, the buyer can request they be fixed or back out of the deal
- Appraisal - With this contingency, a third party hired by the lender evaluates the fair-market value of the home. If the appraised value is below the sale price, the appraisal contingency lets the buyer back out of the deal.
- Mortgage - The buyer has a specified time period to obtain a loan for the property. If the buyer can not get a lender to commit to a loan, the buyer has the right to walk away from the sale with the down payment.
Note: The seller could be still accepting offers and/or showing the listing in this state. Always be sure to contact the Broker or Agent representing the home to confirm the latest status. Only they will be able to provide this information.