Contingent in real estate meats that the seller of the property or house has accepted an offer from a buyer, although the sale is not yet finalized and the sale will depend on certain conditions or contingencies being met.
Contingent in real estate is a conditional acceptance, and there's still a chance yet that the deal could still fall through if the conditions are not met or satisfied.
Contingencies in real estate are conditions in the purchase agreement which must be fulfilled for the sale of the real estate to proceed.
Common contingencies in real estate include the buyer's ability to secure a mortgage, the buyer's satisfaction with a home inspection, the property appraising at or above the agreed upon purchase price and the buyer's ability to sell their current home.
Contingent and pending indicate that a property or real estate is under contract.
However contingent implies that conditions still have to be met for the sale to go through.
And pending in real estate means that the conditions have been met and satisfied and the sale of the real estate is moving towards closing.
A contingent offer in real estate means that the seller of the real estate or house or property has a buyer, but they might still need to keep the property available for showings and even potentially accept other offers, especially if there's a kick out clause which allows the seller to accept a better offer.
Contingencies protect buyers of homes and other real estate by allowing the buyer to back out of the deal if their conditions are not met.
And if a property is listed as short sale contingent, it means that the seller has accepted an offer, but the seller is still seeking back up offers, just in case the original deal has fallen through.
So you can still make an offer on a home or real estate that is listed as contingent.