We use a lot of jargon in the real estate industry. Have you ever talked with an agent and just nodded your head when they were saying something?
How about contingent? The house is contingent. What does that mean?
It’s shorthand for saying the house has a contract but there are contingencies agreed to between the buyer and seller to get through such as a satisfactory home inspection or a loan approval from a bank.
Plainly these are clauses that will let the buyer out of the contract if they don’t meet expectations.
Do you have questions for a Realtor? Contact me, Matt Cheney, I’m here for you.