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    What does contingent mean? Answered by a Tallahassee Realtor

    By March 14, 2022May 9th, 2022No Comments

    What does it mean when the house says contingent?

    We get asked all the time what it means that the house a buyer LOVES is contingent. Tallahassee Realtors have a timeline that starts when the contract is signed!

    In Tallahassee’s Board of Realtors sales contracts, the home buyer has 15 days to decide if the house meets their needs and is going to work for them.  During this time buyers have their inspections, complete the mortgage application, and find homeowners insurance.  This period is called the contingency period (closing is contingent on inspections and financing) and the house is marked as contingent on the MLS.  During this time, the house will appear in buyers’ active searches.

    If you are selling your Tallahassee house, it means that you or your Tallahassee Realtor will continue to receive inquiries from potential buyers. That could mean more showings even after you have signed the contract, and ‘sold’ your house.  If you are buying a home in Tallahassee, we would encourage you to look at these homes.  Many buyers are putting contracts on homes sight unseen and one-third of contracts are terminated.  Putting in a backup offer may win you the house you love.

    Once the contingency period is over, and the buyers accept the condition of the house and the bank’s financing, the house will move to pending status. When it is moved to pending status, the home will no longer show up as active in searches for buyers and their Tallahassee buyer’s agents.  As a Tallahassee seller, when you reach this point, you are on the way to the closing table.  Very few contracts fall apart after this point. However, if they do, the buyer will forfeit their earnest money deposit to you.

    Read more about why homes do not close here!

    If you are buying a home, download our free book!

     

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