In my market, instead of using "under contract contingent" (which I haven't heard before) we use "pending lender approval" for short sale transactions in process. The home remains on the market for sale until the day of closing, since lenders have the stipulation that the sellers need to continue trying to find buyers who will pay more for the house, which may lessen the bank's monetary loss by doing a short sale. Sellers (owners in distress) accept offers, but it depends on the lender if the offer is acceptable enough to close. Until the transaction closes, the house will be "for sale pending approval" or "for sale under contract-contingent."
by Know It All - 5 hours ago
This means the property you would want to purchase or is looking at is currently under a sales contract with a few things needed to complete the sales contract. The contingent might be that the buyer would qualify for and be approved for a mortgage loan with a recognized lender. In some cases you might be able to submit and offer to purchase the same property. Your offer would be considered a back up offer. In the event the current offer fall through or the buyer can not satisfy certain conditions then your offer would become the primary offer. This is done through the real estate industry. I hope this has been of some benefit to you, good luck. "FIGHT ON"
by loanmasterone - 5 hours ago
It was sold, contingent on the bank accepting the offer. They can take over 6 months to get to it.
by Janet P - 5 hours ago
Contingent means depend upon. It means that it is under offer and waiting for something, hence contingent, before it can go through.
by MadMan - 5 hours ago
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