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What Does Contingent Mean in Real Estate Sales

Realty Biz

When you begin an online search for a home, you may find some sale statuses you don’t fully understand. It is fairly obvious what is meant when homes have a status of “for sale” or “sold,” but some statuses may not be as clear. For example, if a home sale is contingent or pending, can you still make an offer?

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Contingent vs. Pending: Real Estate Lingo Explained

RIS Media

.” There are other statuses in the MLS listings like “Pending,” “Contingent,” “Coming Soon” and “Expired.” ” What do they mean and how will they affect your home sale? One of the most confusing things for buyers and sellers to understand is what contingent means vs. pending.

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What Happens After Making an Offer on a House?

Windemere Buying

However, celebrating at this stage in the buying process could leave you heartbroken if your offer isn’t accepted. So, what happens after you make an offer on a house? Revealing what goes on behind the curtain in this critical stage of the buying process will help you understand what to expect next.

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Real Estate Pending Vs. Contingent: MLS Lingo Explained for Sellers

HomeLight

In the meantime, with a “Contingent” status, the seller is typically allowed to continue showing the home and accept backup offers in the event something goes awry. So what are the contract stipulations that put a listing into that “Contingentstage, and how common is it for a property to hang in closing limbo?

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Can a Seller Back Out of a Real Estate Contract Without Repercussions?

HomeLight

Why might a seller want to back out of a home sale? In his nearly two decades of experience representing buyers and sellers in litigation, these are the most likely reasons sellers attempt to renege their plans: A higher offer comes in. Typically, the seller’s agent stops accepting offers once the home is pending sale.