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Tbagmoo t1_iu9iz1l wrote

Reply to comment by Revan995 in Anyone who recently sold real estate in the Augusta area by Revan995

What does "going contingent" mean, if you don't mind taking the time to explain it to me?

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Vtguy802812 t1_iu9jcze wrote

The sale of their house is contingent of them finding another house in x many days.

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Tbagmoo t1_iu9jmkn wrote

Interesting. I didn't know that was an option. And if they don't find a house they want to buy, the sale falls through completely? That would be frustrating if you were the buyer I bet.

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Vtguy802812 t1_iu9k68h wrote

Yup, just part of the game. Typically having a contingency like that would make the house less appealing to buyers, but in today’s market who knows.

You also see contingencies when people who own a house and are looking to buy a new house, they will make the offer on the new house contingent on selling their old house.

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Tbagmoo t1_iu9keoz wrote

Thanks for taking the time to explain it

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Revan995 OP t1_iu9jh6z wrote

Basically it's shorthand for "I'll buy your house, but only if I manage to sell mine at the same time". Very common for those of us who can't manage to swing two mortgages at once. It's risky though, because someone can swoop in, pay cash and steal it out from under you. Legally.

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Tbagmoo t1_iu9jvfu wrote

Interesting. Thank you

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9wild9 t1_iu9l0x0 wrote

Contingent offers have been very rare the last couple years because of how competitive the market has been. As a seller, there’s no reason to accept a contingent offer if you have multiple offers with no such clause.

Since the market is slowing down a bit (due to sky high interest rates) contingent offers may become more common.

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