How Long Does a House Stay in Contingent Status?

When you’re buying a house, you’ll likely encounter the term “contingent status.” This means that the seller has accepted your offer, but the sale is not yet final. There are a few reasons why a house might go into contingent status, but the most common is that the buyer is waiting for financing to be approved.

What Does Contingent Status Mean?

When a house is in contingent status, it means that the seller has accepted an offer from a buyer, but the sale is not yet final. The sale is contingent on the buyer meeting certain conditions, such as obtaining financing or getting a satisfactory home inspection.

How Long Does a House Stay in Contingent Status?

The length of time that a house stays in contingent status varies depending on the situation. In most cases, the buyer will have a few weeks to meet the conditions of the contingency. However, if the buyer is unable to meet the conditions, the seller may cancel the contract.

What Happens if the Buyer Doesn’t Meet the Contingencies?

If the buyer is unable to meet the contingencies, the seller may cancel the contract. The seller may also be able to keep the earnest money deposit that the buyer put down. However, if the seller cancels the contract for any reason other than the buyer’s failure to meet the contingencies, the buyer may be entitled to a refund of the earnest money deposit.

Tips for Buyers in Contingent Status

If you’re a buyer in contingent status, there are a few things you can do to help the process move along smoothly:

• Stay in communication with your lender. Let them know about any changes in your financial situation and provide them with any documentation they request.
• Be prepared to provide additional documentation to the seller. This may include proof of income, assets, or employment.
• Work with your real estate agent to resolve any issues that may arise.

Tips for Sellers in Contingent Status

If you’re a seller in contingent status, there are a few things you can do to help the process move along smoothly:

• Be patient. The length of time that a house stays in contingent status varies depending on the situation.
• Stay in communication with the buyer’s agent. Let them know about any changes in the property’s status and provide them with any documentation they request.
• Be prepared to negotiate with the buyer if they are unable to meet the conditions of the contingency.