Contingency No Kick-Out

[Cowgirl]

The house we wanted has a cntg no ko contract on it. Does anyone know how long the contingency clause is usually good for? I've read that the seller can take other offers and keep them on the back burner in case the contingency expires. We have an appointment with a realtor tonight to look at another house, so we can ask her then, but I thought someone on here might know.

 

[cattitude]

The house we wanted has a cntg no ko contract on it. Does anyone know how long the contingency clause is usually good for? I've read that the seller can take other offers and keep them on the back burner in case the contingency expires. We have an appointment with a realtor tonight to look at another house, so we can ask her then, but I thought someone on here might know.

I was under the impression that the contingency was contract specific..set at the time the contract was signed. :shrug:

 

[Chasey_Lane]

I was under the impression that the contingency was contract specific..set at the time the contract was signed. :shrug:

The contingency depends on what the agreed terms are (buyer and seller).

 

[Cowgirl]

I was under the impression that the contingency was contract specific..set at the time the contract was signed. :shrug:

The contingency depends on what the agreed terms are (buyer and seller).

Thanks!

 

[cattitude]

Thanks!

And actually most contracts are no kickout. Kick-out clauses have to be specifically written into the contract.

 

[Cowgirl]

And actually most contracts are no kickout. Kick-out clauses have to be specifically written into the contract.

Well, I read a little about them, and first thought that the buyer must have to sell their house first. I was hoping that their house wouldn't sell and their contingency would expire. I read some more, and now I think that it could also be just waiting for financing. :shrug: I'm just looking for any way possible that house could still be ours.

But we're going to look at another one tonight!

 

[anniemay]

Well, I read a little about them, and first thought that the buyer must have to sell their house first. I was hoping that their house wouldn't sell and their contingency would expire. I read some more, and now I think that it could also be just waiting for financing. :shrug: I'm just looking for any way possible that house could still be ours.

But we're going to look at another one tonight!

If they were waiting to sell their house, it would have a kick out. Meaning you can bump their contract usually. That's what my agent told me-but I think it depends on the seller and what they want to do in that situation. The contingency is usually something in the contrac that both parties have agreed upon. It could be financing or something simple that needs to be done before it's a "ratified contract".

 

[TinaTina]

The house we wanted has a cntg no ko contract on it. Does anyone know how long the contingency clause is usually good for? I've read that the seller can take other offers and keep them on the back burner in case the contingency expires. We have an appointment with a realtor tonight to look at another house, so we can ask her then, but I thought someone on here might know.

My realtor explained to me that this usually means they are waiting on something like a home inspection to be completed. As long as nothing comes back horribly wrong with the home inspection, termite inspection, well/septic (if applicable) tests, etc., the ratified contract will remain in place (assuming the seller is willing to fix what the buyer asks for, if anything). Good luck in your house hunt!