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If you've been browsing online listings of Mansfield homes for sale, you've probably come across some that are listed as "contingent." Some buyers shy away from contingent listings because they don't really know what that means, or because they assume it means that the home isn't available. That can be a big mistake.
So let's take a moment to go over contingent home listings, and the different types of contingencies you may come across on your home search.
Most real estate listings have a "Status," which is typically one of the following:
The statuses that cause many potential home buyers to scratch their heads are"Contingent" and "Pending." Each has a distinctive meaning, so it's important to understand the difference.
Contingent means that the certain contingencies, or conditions, must be met in order for the home to be sold. When you see a home listed as Contingent, it means that an offer has been made on the home, and it has been accepted by the seller, but the contingencies still have to be met. These listings are still considered Active and are worth keeping an eye on because if the contingencies are not resolved, the deal could fall through and the home may become available again.
Pending means that an offer has been made and accepted, and that all contingencies have been met. These homes are no longer considered Active, but will remain listed until all the legal work that goes along with selling a house has been completed.
Homes can be listed for sale with all sorts of contingencies attached to them. These are generally conditions that either the buyer or the seller must meet in order for the deal to go through. A few of the most common contingencies you may come across include:
Ready to learn more about finding your dream home in the Mansfield, Ohio area? Contact us today. At Haring Realty, our REALTORS® are dedicated to helping you navigate the home buying process with ease.
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