Contingencies are conditions that either need to be met or waived before a real estate transaction can move forward. These conditions protect both the buyer and seller and are an essential part of the home buying process. As a professional, one question that often comes up is whether contingent means a house is under contract.

The short answer is that it depends. A contingent offer on a house means that the buyer has made an offer, and the seller has accepted it, but the sale is contingent on certain conditions being met. These conditions can be related to financing, inspections, appraisals, or other factors.

When a buyer makes an offer on a house, they typically have a certain amount of time to satisfy the contingencies. For example, if the buyer needs to secure financing, they may have a contingency that says they can back out of the sale if they are unable to obtain a mortgage. Similarly, if the buyer needs to have a home inspection, they may have a contingency that says they can back out of the sale if the inspection reveals significant issues with the property.

During the contingency period, the buyer and seller are still negotiating the terms of the sale, but the buyer has the option to back out of the deal if the contingencies are not met. If the contingencies are met, the buyer will typically move forward with the sale, and the house will be considered under contract.

It`s important to note that not all contingencies are the same, and the specific terms of each contingency can vary depending on the state and local laws. Additionally, some buyers may choose to waive certain contingencies to make their offer more attractive to the seller.

In conclusion, a contingent offer on a house does not necessarily mean that the house is under contract. However, it does mean that the buyer has made an offer, and the seller has accepted it, but the sale is contingent on certain conditions being met. It`s important for both buyers and sellers to understand the contingencies involved in a real estate transaction and to work with an experienced real estate agent who can guide them through the process.