Definition of Contingent:

Contingent Status in Orange County, California:

There are two types of Contingency Status’ for Orange County:

Contingent with Kick-out: This status means that the listing has an accepted contract but it is contingent upon the buyer getting an offer and contract and closing on their current home.  Additionally, with kick-out means that a buyer who can purchase without selling a home could make an offer on the home as a backup offer.  If the seller likes the second offer better, he could give notice to his first buyer that the first buyer must firm up and waive the contingency or be kicked out of the contract so that the seller can move forward with contract number or the days on market count continues during this period.

Contingent No Kick-out: This means that the listing has an accepted contract but the seller did not require that there be a kick-out period on the contract.  A prospective buyer that might want to write a contract on this property in this status must understand that they can write an offer and if accepted by the seller, it will remain in backup status.  The seller cannot kick his first buyer out.  The only way contract number can become a primary contract is if the first contract falls apart on its own accord (home inspection, financing, etc.)  The days on market count continues during this period.

 

 

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