House Offer With Contingency In Nevada
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FAQ
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.
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.
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.
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.
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.
While contingencies are designed to provide flexibility and protection, they can also lead to a deal falling through if they aren't met within the agreed-upon timeframe. Buyers often have a set period, typically ranging from a few days to a couple of weeks, to fulfill these conditions.
A contingency clause should clearly outline the conditions, how the conditions are to be fulfilled, and which party is responsible for fulfilling them. The clause should also provide a timeframe for what happens if the condition is not met.
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.
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.
