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Contingent Sales

If a home goes contingent sale, that means the Buyer has to do something first before the offer can proceed. Usually, it’s when a Buyer has to sell their own home first. The contingency is an “out” for the Buyer so they aren’t legally bound to a purchase contract if they can’t sell their home.

When a home goes contingent sale, it still shows up as an Active property in the MLS searches. That’s because another Buyer can submit an offer. If the Seller likes that offer, they then can go back to the first Buyer and give then a period of time (stated in the purchase contract) to remove their contingency. If they can’t/won’t, then the Seller can take the second offer.

The offer prices are never listed on the MLS, either in the public or in the private agent comments. If you were the Buyer with the first offer, you wouldn’t want this advertised. But, there is nothing in the standard contract to not have the Seller tell others about it. The Realtor representing the Seller can’t tell anyone unless the Seller has given them the ok to do so. If they do it without the Seller’s consent, that’s a violation of confidentiality between the Seller and the Seller’s agent.

If I was a Buyer (or Buyer’s agent) and found out that the Seller (or Seller’s agent) was telling others the details of the first offer, it wouldn’t set too well with me.

Written by Keith Byrd - Go to Keith's Website/Profile