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Pending vs Contingent Home Sale Contingency - YouTube
Channel: Melissa Spittel - Maryland Real Estate Expert
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zillow realtor.com redfin and the other real聽
estate market websites mark holmes as for聽聽
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sale contingent or pending now we know what for聽
sale means that's obvious but what exactly does聽聽
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contingent and pending mean you're in luck you'll聽
find out in this episode of real estate unlocked聽聽
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hi i'm melissa spittel the local real estate聽
expert in carroll county and the surrounding聽聽
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areas in maryland welcome to this edition let's聽
face it there are many apps and websites that聽聽
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show the houses currently for sale and it's fun聽
to look at them maybe you're bored or maybe you're聽聽
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dreaming of your next home or maybe you're hoping聽
to buy a house in the future and you're starting聽聽
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to do some research or maybe you're ready to buy聽
right now and you're constantly looking for that聽聽
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next house to hit the market regardless of your聽
intentions it's so important to know which houses聽聽
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are truly available and which ones are totally聽
off limits let's talk about how you can tell
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pending means the house is already under聽
contract with the buyer someone beat you to it聽聽
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and the sales contract has聽
been agreed upon and signed聽聽
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all the terms of the contract have been met聽
and it's now off limits to all other buyers
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contingent is a little different it聽
means another buyer beat you to it聽聽
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and it's under contract the paperwork聽
has been completed and signed聽聽
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but the final sale is dependent on one or more聽
factors that still need to be met we call these聽聽
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factors contingencies sometimes you can still聽
see houses that are contingent and still make聽聽
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an offer you won't automatically cause the other聽
contract to go away but your offer can possibly be聽聽
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in line to buy the house as a backup offer there聽
are a variety of factors with this situation so聽聽
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rely on your buyer's agent to guide you if you聽
want to make an offer on a contingent house聽聽
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let's talk about the most common things that cause聽
a house that's under contract to be contingent
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number one is financing if you need to get a loan聽
to buy a house successfully buying a house will be聽聽
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based on your loan being approved this creates a聽
financing contingency number two appraisal if you聽聽
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need to get a loan to buy a house an appraisal聽
will be required that appraisal must be for at聽聽
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a minimum the sales price of the house because聽
lenders want to make sure they aren't giving you聽聽
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a loan for more than the house is worth this聽
creates an appraisal contingency number three聽聽
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inspections if you're having any professional聽
inspections done your purchase will be dependent聽聽
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on the results of those inspections聽
this creates an inspections contingency聽聽
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number four title work when you're buying a house聽
the equivalent of a background check is done on聽聽
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the house either a title company or a real estate聽
attorney will make sure the seller can legally聽聽
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sell you the house they'll also make sure there聽
are no liens against the house they'll do all聽聽
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the necessary background work to make sure you can聽
legally become the next owner and this creates a聽聽
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title contingency number five comes into play when聽
you have a house to sell first in order to buy聽聽
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another one if you can't first get your house sold聽
you won't be able to buy the other one this is聽聽
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called a home sale contingency it's quite common聽
for listings to show up as pending or contingent聽聽
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even though the terms have slightly different聽
meanings they essentially place the property in聽聽
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the same situation if you see a house you like and聽
it's mark pending or contingent keep an eye on it聽聽
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sometimes things happen that cause the sale to聽
fall apart and the house ends up back on the聽聽
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market and you can try again for it the best way聽
to find the houses that are actively available for聽聽
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sale is to line yourself with an expert buyer's聽
agent right from the very beginning sometimes聽聽
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the online websites aren't quick to be updated you聽
might see a house online that looks like it's for聽聽
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sale when in reality it's already contingent or聽
pending sometimes it's already been sold a trusted聽聽
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real estate professional will be able to provide聽
you with the most reliable updates and will be聽聽
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able to share houses with you the minute they hit聽
the market a trusted real estate professional in聽聽
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maryland will also be able to share the houses聽
that aren't yet for sale but that will be coming聽聽
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soon you won't find those houses anywhere online聽
so if buying a house is in your future let's put聽聽
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a plan together because it's never too early to聽
start schedule a zoom call with me to get started
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