What does Short Sale CONTINGENCY mean?? (contingent, sales, accept, contract)

[CityGirl72]

WHo is the one being contingent?

I would love to buy a house on contingency since we are relocating - but I don't know if that's what Short Sale Contingency" means

[Rakin]

Since your asking the sellers lender to lose money on the deal it may mean your contract is contingent on the approval of the lender.

Even though you work a deal with a seller, his lender must bless the contract.

[CityGirl72]

OKay I knew about the lenders and alot of them just drop the offers

But I wondered about the contingency difference - is any short sale a contingency one? Seems so - then why are some posted as short sale - and some are "short sale contingency" (in the same format posted)

[Rakin]

I would assume all short sales are contingent since they must be OK'd by the lender.

[sonarrat]

Originally Posted by Rakin

I would assume all short sales are contingent since they must be OK'd by the lender.

The contingency can be removed by getting the short sale approved by the lender in advance.

[stickeysandz]

When you put an offer on a "short sale" home and the sellers accept the offer the short sale becomes contingent. Ounce the home is "short sale contigent" it means that the sellers have accepted the offer now it is up to the sellers bank to accept the offer. In short it means that a deal is on the works and you should look at another house.
We placed an offer on a "short sale" house and got accpeted by the sellers in a few days now we are waiting for the sellers bank to accept our offer. While we wait the home shows as "short sale contigent".

[rjrcm]

Originally Posted by sonarrat

The contingency can be removed by getting the short sale approved by the lender in advance.

Good luck with that. In any case, it's likely the lender will still have a requirement to review the offer, so it would still be contingent until that happens.