MLS: “An Offer Has Been Accepted Contingent Upon: Sale of Another Property” In a non-Contingent offer — also just called a regular offer — the prospective home Buyer represents that they can perform (= pay) without first having to sell another home. Ergo, a Contingent offer is one in which they have to sell their current home...Read More
Will the Backup House Sell in Time? In addition to the usual contingencies for Inspection and Financing, the Buyer making a Contingent offer for a house is adding a third, big one: that’ll they’ll be able to sell their current home — what Realtors call “the backup house” — within 60-90 days. In turn, the salability of...Read More
Contingent Offer Multiple Choice [Editor’s Note: Nothing in this post or on this blog should be construed as offering legal counsel. If you require legal advice, please consult an attorney.] Test your knowledge of the Summer, 2015 housing market and field this question: Contingent offers — when a Buyer buys contingent on being able to...Read More
Contingency Complications [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.] “Lake Wobegon, where all the women are strong, all the men are good-looking, and all the children are above average.” –Garrison Keillor It can be hard enough shepherding one...Read More
Contingent vs. Non-Contingent Offers “We may be small — but we’re slow.” –Cal Tech football team slogan To be sure, carrying one mortgage today — let alone two — can be a big financial challenge, however temporarily. And it’s certainly less risky to sell your current home, before buying your next one. However . . ....Read More
Real Estate Acronyms 101 Thrown by an unfamiliar acronym, I just got off the phone with Northstar MLS, who helpfully cleared things up. It turns out that “C-SOAP” stands for “Contingent on the Sale of Another Property.” The status isn’t new, just the acronym (in the last month, in fact). MLS Status So, “C-SOAP” refers...Read More
