House Offer With Contingency In North Carolina
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FAQ
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.
It's less likely you'll get a great deal when making an offer on a contingent home. In most cases, a contingent offer is high to encourage sellers to hold out if the closing process takes longer than anticipated.
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.
If the offer hasn't been executed by both sides, the seller can totally keep showing and negotiating other offers. If it has been executed by both parties, they can continue to entertain other offers as ``back up'' offers, in case the original offer dies for one reason or another.
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.
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.
