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Contingent vs. Pending: Real Estate Lingo Explained

RIS Media

The contingent status typically allows the home to be shown to other possible buyers, allowing backup offers to be made. Common real estate contingencies include the following: Inspection Contingencies. The most common contingency is the home inspection contingency. – Closed: The home has been sold.

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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. Buyers also can use the findings of an inspection to negotiate for repairs or credits. Why have a backup offer on hand? Quite simply, life happens.

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