In a real estate listing, "contingent" means that the seller has accepted an offer from a buyer, but the sale is dependent on certain conditions or contingencies being met before the transaction can be finalized. These contingencies are specific requirements outlined in the purchase contract that must be satisfied for the sale to proceed. If these conditions are not met, the buyer can typically back out of the deal without penalty, and the home may go back on the market
. Common contingencies include:
- Home inspection: The sale depends on the home inspection results being acceptable to the buyer.
- Financing: The buyer must secure a mortgage or loan approval.
- Appraisal: The home must appraise at or above the purchase price.
- Title: The seller must have clear ownership of the property.
- Sale of the buyer’s current home: The buyer must sell their existing home before completing the purchase
There are different types of contingent statuses, such as:
- Contingent: Continue to Show (CCS) – the seller is still showing the home and may accept backup offers.
- Contingent: No Show – the home is no longer shown or accepting offers, but contingencies remain.
- Contingent: With or Without Kick-Out Clause – a kick-out clause sets a deadline for contingencies to be met, allowing the seller to consider other offers if the buyer fails to meet them in time
Overall, a contingent listing means the home is under contract but not yet sold, as the sale depends on fulfilling the agreed-upon contingencies
