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Contingent Homes: Can You Make an Offer? Here’s What You Need to Know

Lori Mkhize
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Yes, you can make an offer on a house that is contingent. If a property is listed as contingent, it means that the seller has accepted an offer from a potential buyer, but the sale is still subject to certain conditions being met. These conditions may include the buyer obtaining financing, completing inspections, or selling their existing home. However, if you’re interested in the property and the contingent status is still active, you can still make an offer. Here are a few things to keep in mind when making an offer on a house that is contingent:
  • Check the details of the contingency: Before making an offer, it’s important to understand the specific conditions that must be met before the sale can go through. This will give you a sense of the level of risk involved and help you make an informed decision.
  • Make your offer competitive: Since the first offer will typically take priority once all conditions are met, it’s important to make your offer as strong as possible. This may mean offering a higher price, making a larger down payment, or agreeing to a shorter closing period.
  • Include a contingency of your own: If you’re selling your own home while trying to purchase the new property, you may want to include a contingency in your offer that states the sale of your current home must be completed before the new purchase can proceed.
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  • Be patient: If your offer is accepted, you may need to wait until all the contingencies are met before the sale can be finalized. This can take time, but if you’re willing to be patient, it could lead to a successful purchase of the property you want. In summary, making an offer on a house that is contingent can be a smart move if you’re willing to take on some degree of risk. Just be sure to do your homework, make a strong offer, and be patient throughout the process.

    Understanding Contingent Status on a Property

    When purchasing real estate, one term that you may come across is contingent status. This means that the seller has accepted an offer, but the sale is contingent upon certain conditions being met before the transaction is finalized. Common contingencies include satisfactory home inspections, the buyer obtaining financing, and the sale of the buyer’s current home. Until all contingencies have been met, the property remains in contingent status.

    Making an Offer on a Contingent Property: Is it Possible?

    If you are interested in purchasing a property with a contingent status that is active, it is possible that you are eligible to make an offer. In some cases, the seller may be willing to entertain additional offers in case the initial deal falls through. However, it is important to note that the first offer typically prevails when all conditions are met. This means that even if you do make an offer, it may not be accepted if the initial offer is still in play.
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    Pros and Cons of Making an Offer on a Contingent Property

    Pros:
    • You may be at the top of the line if the initial deal falls through
    • You may be able to negotiate a better deal if the seller is eager to close the sale
    Cons:
    • You may be outbid by the initial offer
    • You may have to wait for all contingencies to be met before the sale is finalized
    When making an offer on a contingent property, it is important to consider both the pros and cons. While you may be able to secure a good deal or be at the top of the list if the initial deal falls through, you may also have to wait for all contingencies to be met.

    What You Need to Know Before Making an Offer on a Contingent Property

    Before making an offer on a property with a contingent status, it is important to do your research. This includes:
    • Understanding the contingency clauses and what they entail
    • Assessing the likelihood that all contingencies will be met
    • Working with a real estate agent to determine a fair offer price
    Additionally, it is important to have financing in place and to be prepared to move quickly if the initial offer falls through. In real estate offers, the contingency clause is a critical component. This clause outlines the conditions that must be met before the transaction can be finalized. Some common contingencies include:
    • Satisfactory home inspections
    • The buyer obtaining financing
    • The sale of the buyer’s current home
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    It is important to carefully review the contingency clause and ensure that all conditions can be met before proceeding with the transaction.

    How to Increase Your Chances of Getting an Accepted Offer on a Contingent Property

    To increase your chances of getting an accepted offer on a contingent property, consider the following tips:
    • Work with a real estate agent who has experience navigating contingent deals
    • Get pre-approved for financing before making an offer
    • Be prepared to move quickly if the initial deal falls through
    • Consider making a backup offer in case the initial deal falls through
    By following these tips, you can position yourself for success when making an offer on a property with a contingent status.

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    Lori Mkhize
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