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JARGON MADE SIMPLE P3 - Contingent Offer

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JARGON MADE SIMPLE P3 - Contingent Offer

 
Real estate can feel overwhelming with all the acronyms and industry terms. Our Jargon Made Simple series breaks down complex concepts into clear, everyday language, so whether you’re buying or selling in Bend and Central Oregon, you can make confident decisions without the confusion.
What is a Contingent Offer?
Real estate deals can sometimes come with a few “what ifs,” and that’s where a contingent offer comes in.
 
A contingent offer means that a seller has accepted a buyer’s offer, but the sale depends on certain conditions being met. These conditions, called contingencies, must be fulfilled for the deal to move forward.
 
For example:
 
A buyer might need to sell their current home before they can buy the new one.
 
Or they might need to secure financing, pass a home inspection, or even get a permit approved, like a septic permit, in some real-world cases!
 
Once the seller accepts the offer, the buyer is under contract, but with a deadline. This means the buyer has a set amount of time to meet the contingency. If they can’t satisfy the condition by that deadline, the transaction usually terminates, the buyer can walk away without penalty, and the home returns to the market.
 
Sometimes, buyers ask for an extension to buy more time, but that might require them to release their earnest money to the seller as a show of good faith.
 
In short, a contingent offer helps protect the buyer while still giving the seller a potential sale, as long as the agreed-upon conditions are met.
 
It’s a balancing act of timing, trust, and transparency, and one of the many moving parts in real estate that keeps both sides on the same page.
All information deemed reliable but not guaranteed. If your property is listed with a real estate broker, this is not a solicitation of brokerage services. Laura Blossey, License 201204340, Avenir Realty.
 
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