When browsing homes online or working with a real estate agent, you may come across listings marked as “contingent.” This can be confusing, especially if you’re eager to make an offer. So, what does it mean when a house is contingent, and more importantly, how long does it typically last? If you’re navigating the market or trying to sell fast, companies like we buy houses Laredo can offer a helpful alternative to traditional sales caught up in contingencies.
What Does “Contingent” Mean in Real Estate?
A home listed as “contingent” means that the seller has accepted an offer, but the deal is dependent on certain conditions being met. These conditions, or contingencies, can include things like a home inspection, appraisal, loan approval, or the buyer selling their current home. The house isn’t off the market entirely, but it’s in a sort of limbo. If all contingencies are met, the home moves to “pending” status and eventually to closing. If they’re not met, the deal could fall through, and the home might be available again.
How Long Does a Contingent Status Last?
The length of time a home remains in contingent status varies depending on the type and number of contingencies involved. On average, contingency periods can last anywhere from 7 to 21 days, but some situations can extend to 30–60 days or even longer.
For example:
- Home Inspection Contingency: Typically lasts 7–10 days. This gives the buyer time to hire a professional to inspect the property.
- Appraisal Contingency: Often takes 1–2 weeks, depending on how fast the lender can schedule the appraisal.
- Financing Contingency: Can take up to 30–45 days, depending on the complexity of the buyer’s loan.
- Home Sale Contingency: The length of this can vary greatly. If the buyer needs to sell their own home first, this process can drag on, especially in slower markets.
If you’re a seller, dealing with long or uncertain contingency periods can be stressful. That’s where direct home buyers like we buy houses Laredo can eliminate these hurdles by providing fast, cash-based solutions without traditional delays.
Can You Still Make an Offer on a Contingent Home?
Yes, you can still make a backup offer on a contingent home. This offer would only come into play if the first buyer fails to meet their contingency requirements and the contract is canceled. However, there’s no guarantee your offer will be accepted unless the initial deal falls through.
From a buyer’s perspective, it’s important to understand that “contingent” doesn’t mean “available.” You’ll need to be patient and possibly pursue other homes in the meantime. For sellers, if a deal collapses due to unmet contingencies, this could delay the process and even affect your asking price later.
When Should You Consider Skipping Contingencies?
In competitive markets, some buyers waive contingencies to make their offer more appealing. While this can speed things up, it’s also risky. Waiving an inspection or financing contingency could leave you vulnerable to costly repairs or issues with your loan approval.
Alternatively, if you’re looking to sell your home quickly without worrying about contingencies, companies like we buy houses Laredo can be a great option. These buyers typically offer cash, close quickly, and buy properties “as-is,” avoiding the complications of traditional real estate transactions.
Don’t Let Contingencies Hold You Back
While contingencies protect buyers, they can frustrate sellers with delays and uncertainty. That’s why many homeowners turn to we buy houses Laredo for a quicker alternative. We buy houses as-is, in cash, and without the wait.
If you’re tired of waiting for a deal to close or navigating complicated contingencies, consider a simpler route. At we buy houses Laredo, we offer homeowners a fast and hassle-free way to sell, no strings attached.
Ready to skip the wait? Visit our site today to get started and learn how you can sell your home quickly and confidently!