If a home you’ve fallen in love with is marked “contingent,” it means that it’s under contract. However, that doesn’t mean you won’t have a chance to buy it later.
If you see a home online and it says that it’s “contingent,” this means it is under contract. If you see a home listed as “pending,” that home is under contract too. Both mean the home is under contract, but they are different in a meaningful way.
If a property is marked as contingent, this means the home is under contract but with certain stipulations like the buyer getting a loan, or more importantly, if the buyer has sold their current home first. If a property is marked pending, this means the house is under contract with no contingencies.
If a home you are interested in is marked contingent, should you still go see it?
In North Carolina, we have a due diligence period that is typically anywhere from two to four weeks in length. During this time the buyer does all of their due diligence on the house from home inspections to the appraisal and processing their loan through loan approval.
“If the deal falls apart, you can then make an offer on the home.”
See my related video, which explains the due diligence process in detail.
It is important to know that during the due diligence period – when a property is marked contingent – a buyer can terminate the contract for any reason at any. It is always possible that the buyer will terminate the contract during this time period.
For this reason, when a property in North Carolina is marked contingent, and you have interest in it, you should still go see it in case the deal ends up falling apart. If the deal does fall apart, you can move forward and make an offer. You can also put in a back-up offer in the meantime, which can also work in your favor.
If you have any real estate questions, do not hesitate to reach out to us at Real Estate Experts. If you have video topics you would like me to address in the future, please let me know as well. I would love to hear from you.