An offer contingent on another property closing means one thing YOU LOSE CONTROL OF THE PROCESS, with no guarantees of anything. When there is a contingent offer status present on a home listing, this tells you the property has not yet been closed.Sometimes a Massachusetts homebuyer will see language in an MLS listing that indicates a seller needs or wants a "suitable housing contingency.". In real estate, "contingent" refers to a status in which a Massachusetts property is under contract for sale. A "contingency" is another way to say "a term or condition that must be met before the sale can move forward as planned. The Purchase and Sale step generally occurs within 2 weeks of the Offer to Purchase step, and has the Inspection Contingency step in the intervening period. A buyer contingency is a condition or clause in a real estate purchase agreement that must be met before the sale can be completed. Will there be early or late occupancy and possession to allow the two properties to close simultaneously? The Purchase and Sale step generally occurs within 2 weeks of the Offer to Purchase step, and has the Inspection Contingency step in the intervening period. Home Inspection Contingency: Gives the buyer the right to inspect the property and negotiate repairs or credits if significant issues are found.
