House Offer With Contingency In Franklin
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If you're interested in a property that's listed with an active contingent status, you may still be able to make an offer. While the initial offer will take precedence if all the contingencies are satisfied, making an offer can put you at the head of the line if the original deal falls through.
You can still make an offer on a house labeled contingent or pending. However, when a property has one of these statuses, it means that an offer has been accepted, so the sale is in progress. The deal hasn't been finalized, so it still gives you an opportunity.
In most cases, putting an offer in on a contingent home is an option to consider. Although it doesn't guarantee you'll close on the home, it does mean you could be first in line should the current contract fall through. Putting an offer in on a contingent home is similar to the homebuying process of any active listing.
It won't hurt anything to look at a house listed as contingent. Nor will it hurt to submit a backup offer, if possible. That said, you should anticipate the original contract going through to close.
Potential Risks of Accepting a Contingent Offer The biggest risks of accepting a contingent offer are that closing could be delayed, the buyer could renegotiate or the sale could fall through entirely. “The primary risk for sellers is the uncertainty and potential delay in the transaction,” says Hall.
Contingent offers have higher rates of falling through and as a seller you very well run the risk of losing out on non contingent buyers.
You can still make an offer on a home if it's listed as contingent or pending, but you should consider where the property is in the process to determine the likelihood of your offer being accepted.
Can you outbid a contingent offer? No, it's not possible to outbid a contingent offer. The seller has already accepted an offer while waiting for certain conditions to be satisfied before closing. However, some sellers will accept backup bids while engaged in a contingent offer.
Owners whose home is in contingent status can accept a backup offer, and that offer will have precedence if the initial deal does not go through, so if you like a contingent property, it makes sense for you to make an offer on the listing so that you are in position to buy if something goes wrong with that transaction.
