“contigent” for 30 days @249k-new price 233k today &still “contingent” meaning?

[birmingplumb]

http://www.redfin.com/CA/San-Diego/8768-Friant-St-92126/home/4797567?utm_source=myredfin&utm_medium=email&utm_campaign=instant_listings_update

This went contingent June 26 when listed at 249k and today I got this auto e mail of a price change down to 223k even though still contigent. Question, does this mean the offer was below 223k and they are making a last ditch effort to get more? If so there a tons of contingent, pendings that could still be had everywhere we think its too hot to even try? Motown

[sdrealtor]

There are no hard and fast rules but it probably means that is the amount of the offer they accepted and submited for lender approval.

[birmingplumb]

That’s exactly what I thought it meant. So all of these pendings and contingents on redfin should not discourage some young couple from using data free and automatically sent to them via redfin from making a offer a little more than the new price. I know realtors are not supposed to tell us the “offer price” yet this seems like a great tool to use to figure out what the offer is without them actually disclosing it.( their way of getting around the rule? slick slick) Just set up automatic alerts on redfin on any given area and walah, a change notice appears in your e mail. Lets not all forget how most here say its a zoo out there with multiple offers. So crazy some are sitting it out. Looks like a lot of the houses i am seeing are being flipped after 1 year or less.

[sdrealtor]

Once the offer gets submitted sending over a higher offer doesnt get you ahead of the current offer. It just might help you get to the front of the line if current buyer falls out. It may also be unneccessary as the approval could be even lower.

Most of the flips you see are houses sold on courthouse steps for all cash, with no inspection or title insurance. The flippers (at least the good ones) are performing a valuable service in many cases.

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