Let's say you've found your dream home online on the multiple listing service, but the status of the property is marked "active contingent." What does "contingent" mean, and is the real estate still up for grabs? Does "active" paired with "contingent" mean that the property can still be yours, if you make the right offer to a seller?
Read on for some explanation about this real estate listing status and for some insight into making an offer that will make the seller and buyer happy when a property is labeled contingent.
What does 'active contingent' mean?
If a home's status is "active contingent," it means that the buyer has submitted an offer to the seller with contingencies, or issues that must be resolved before the sale of the property can be finalized.
When a home is listed as "Active Contingent" or "Active with Contingencies," it means the seller has accepted an offer from a buyer and a Purchase and Sale Agreement exists, but that certain conditions (or contingencies) must be satisfied before the sale can be finalized. These conditions may include a home inspection or getting approved for a mortgage loan. Once these conditions are met, the home is no longer listed as Active Contingent. In certain areas, Active Contingent is also known as Active CAPA (can accept purchase agreement). What is the difference between contingent and pending?
For more : Active Contingent Definition
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