Your Contingent Offer Could Be Welcome.
Practically speaking every offer is a contingent offer. Even a cash offer is contingent on the buyer being able to fund the transaction at closing. Non-cash offers include a finance contingency, and most offers include an inspection contingency. However, the term “Contingent Offer” (initial caps for emphasis) refers to a different contingency altogether.
What is a Contingent Offer?
If you need to list your property and it is still an Active Listing when you make an offer to buy another property, your offer on the other property is considered a Contingent Offer. The proceeds from the sale of your current property are needed to pay for the next property. Most Contingent Offers also include other contingencies, some of which I mentioned above. [Read more…]