WebBy definition, contingent offers will take longer to close than a pending offer (once contingencies are met, the status moves to pending), but the speed to the finish line for … WebJan 27, 2024 · Jan 27th 2024. In real estate, contingent means that the seller has accepted a purchase offer from the buyer, but that the sale closing is based on certain contingencies being met. On the other hand, a pending deal is farther along. When a home is pending means that all the contingencies have been met and the sale is in the escrow period.
Contingent vs Pending Sale Differences (2024) PropertyClub
WebNov 1, 2024 · Pending – taking backup offers: If a seller has accepted an offer but some issues have come up in the final stages of the sale, they may accept backup offers. Pending – short sale: When an accepted offer is a short sale, lenders or other financial institutions may have to approve the deal. A short sale is outside of the buyer’s or seller ... WebA house that has been marked as contingent means that a potential buyer has made an offer on the house and the seller has accepted the offer. BUT the offer being accepted and the sale becoming final is conditional based on certain requirements being met. Some of the most common contingencies are: Home Inspection Contingency — A home sale is ... clear the murky water with a filter
Contingent Vs. Pending: What’s The Difference? - Forbes
WebJan 19, 2024 · Technically, both contingent and pending statuses mean the homes are still “active” or on the market. That means that an offer has been accepted, but another buyer can submit a backup offer just in case the sale falls through—which happens sometimes with contingencies but is pretty unlikely if pending status is reached. WebApr 20, 2024 · A contingent deal may have a long way to go, as buyers firm up financing, await an appraisal, or sell their current home. A pending property is near closing, but the deal still isn’t final. Buyers eyeing a choice property may hold out hope that contingent or pending deals fall through. WebFeb 21, 2024 · Pending vs. Contingent. The two terms are often used interchangeably, but they aren’t the same. Contingent means there are items laid out in the contract that must be resolved for the sale to move forward. Pending means contingencies in the contract have been met. At this stage, all that’s left is the closing and signing of the contract by ... bluestar advisors limited