Real estate in a desirable location like Boca Raton with limited housing for sale translates into competitive bidding. So, if you’ve homed in on that type of property, you can rely on your Lang Realty agent’s expertise in how and when to best position your offer.
What does contingent mean in real estate?
The sale is contingent on criteria that has to be met or the potential buyer can back out of the deal. The most common types of contingencies in real estate are appraisals, home inspections, mortgage approvals, title, i.e. a deed free and clear, or the buyer has to sell before purchasing another property. For instance, if the property you have an eye on is appraised at less than the sale price. You find costly problems after an inspection. Mortgage approval is iffy. The deed is being challenged by a lien or the sale is contingent on a previous sale.
What does pending mean in real estate?
It’s further along in the process. A pending sale means the transaction is closer to closing. That means you can position yourself as the next buyer if the deal falls through.
What is the difference between pending and contingent?
A pending sale is contingent on one or more aspects of the transaction pending the closing. It’s important to keep in close touch with your Lang Realty agent who will know the status of the transaction and when you can act. You may be able to offer more than the asking price or offer to pay closing costs. Timing is everything.
