By Rod Lakin | KTAR
As the Phoenix market continues its transition from a “balanced” state towards one that favors prospective homebuyers, some forgotten terms have returned to the real estate lexicon.
“Concession” and “contingent” are the most prominent reentries.
“Contingent” is an offer placed on a home by a buyer that is conditional upon the sale of their own home, while “concession” refers to a request (or requests) granted by a seller to a buyer in order to facilitate a real estate transaction.
Both have been rare inclusions in real estate contracts in recent years, according to Phoenix real estate expert Tina Tamboer.
