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But Boltansky believes ByteDance is unlikely to agree to any kind of sale. The Chinese government has said as much, arguing that it regards the algorithm as a national security asset. And without that, TikTok becomes much less appealing to potential buyers. Ask your agent about HomeLight’s Buy Before You Sell program and how it can empower you to make a non-contingent offer by unlocking the equity in your current home. Making an offer on a contingent property also requires a clear understanding of the property’s current status.
Making An Offer
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This Doesn't Feel Like a Slow Market to Home Buyers - National Association of REALTORS®
This Doesn't Feel Like a Slow Market to Home Buyers.
Posted: Tue, 28 Nov 2023 08:00:00 GMT [source]
These sales tend to take a bit longer, as more paperwork is involved for the seller. However, the house usually isn’t being shown anymore during these periods, and new offers aren’t being accepted. The seller will not show the house or accept new offers during this contingency. Usually, this means that the seller is confident the contingencies will be met at some point.
What Does “Contingent” Mean in Real Estate?
Contingent deals can get complicated, however, so it’s best to work with a real estate agent when making these sorts of offers. If you have questions or are in need of assistance navigating this type of sale, be sure to contact a local Howard Hanna agent. A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet. The final sale hangs in the balance, waiting for certain conditions or “contingencies” to be met. These conditions can be anything from the buyer securing a mortgage, the home inspection clearing, or the sale of the buyer’s current home.
The multiple listing service (MLS) is a database where real estate agents and REALTORS® can access homes that are listed with other agents. The duration a house remains in a contingent status can vary widely, typically hinging on the specific terms outlined in the purchase agreement. A contingency period can be as brief as a week, or as long as three months, depending on the nature of the contingencies and the agreement between buyer and seller. The most extended periods typically relate to mortgage and home sale contingencies. In real estate, when a house is listed as “contingent,” it means the sale of the property is conditional upon certain criteria being met.
The regulatory pushback also has implications in the stock market as rival social media stocks have bounced in response to the likelihood of a ban passing Congress. WASHINGTON ― Last June, in what the White House envisioned would be a turning-point speech in Chicago, President Joe Biden introduced a new slogan aimed at selling an economic revival. This lets you back out if you discover “onerous” homeowner association rules.
Pending
Get free, objective, performance-based recommendations for top real estate agents in your area. Tell us a little bit about your plans (where you’re looking to buy and when you want to make a purchase) and we’ll connect you with top-rated buyer’s agents in your area. Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations. The exact numbers fluctuate year to year, but statistically, a majority of these deals go through.
Mortgage
In every market, though, homes that are under the contract may not reach the closing table, and the contingency clause usually protects the buyer and sometimes the seller if the parties decide to terminate. Other contingencies include the financing contingency, which occurs when the buyer needs to ensure that they have financing for the offer. The buyer will need to ensure that the house is worth a certain amount before they can make the purchase. In some markets, pending may mean the seller is not accepting backup offers, whereas contingent could mean they would consider them. Sellers can typically accept other offers at any point prior to both the buyer and seller signing the purchase agreement, though laws vary state by state. A contingent status with a kick-out clause lets a seller continue to market their home in the event that they receive an offer with contingencies.
What about finding a buyer?
This can ease sellers’ fears of the sale falling through due to lack of financing or the buyer not qualifying for a mortgage. If possible, start the approval process as soon as you’re ready to buy a home. This way, you’ll increase your chances of having the seller accept your offer, contingencies and all. A backup offer places you next in line should the current deal not close. This can be appealing to sellers who want the security of a potential sale if the initial deal fails due to unmet contingencies.
Depending on the specifics of the contract, a seller may include a kick-out clause in the contract which means that the seller can continue to show the home and accept offers. For instance, a buyer may place an offer on a home, but the offer is contingent on the buyer selling their current home first or contingent on obtaining a mortgage. Also, the buyer will want to ensure the house is in good condition during their due diligence phase to ensure the property is in good shape. Several reasons a home marked as contingent may 'fall through' though it does not happen often here in Raleigh.
Buyers still shopping for homes may be pleased to see “contingent” on their dream home listing because it means the contract can still fall through, though it’s unlikely. However, accepting a different offer while under contract may leave the seller vulnerable to lawsuits. Instead, sellers may accept a backup offer that names a second buyer if the first deal falls through.
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