What does contingent on financing mean?
If listed in the purchasing agreement or not, its Minnesotas law that all contracts for a property are contingent on financing. If the buyer can not get the loan, even if they were pre approved, they can not buy the property. This allows them to back out of the sale. Your real estate agent works with the buyers agent to verify the buyer has the greatest chance that they can obtain the loan so the possibility of this happening is slim.
