Contingency? What’s that?

So you’re preparing to buy or sell.  That’s great news! Hopefully you have been reading this blog for all of the best advice (as well as using your Nothnagle agent)!  As you go through the process you will hear many many terms.  Some old and some new.  One that you may hear will be “contingency.”  But what is it?  That’s why we are here!

The simplest way to put it; a contingency is when you make an offer but under a condition.  You know, like you did when you were younger (or even now too!)  “Sure, I would love to come over!  That is as long as you are serving ice cream!”

There are many ways that an offer can be contingent.  You may agree with an offer as long as your attorney says it’s ok.  The offer may be accepted as long as you can show them you are pre-approved in the next couple of days.  We would like to buy your home as long as the home inspector says everything looks great.  A big one is the, “we accept your offer but can not close until 60 days after we sell our house (or find a house to buy…depending on if it’s the buyer or seller).
So contingencies can be helpful to both sides.  Of course, your Nothnagle REALTOR will always be the best source to guide you through everything!

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