Dear Phoebe,
“What’s the difference between Contingent and Pending?” – Tessa R.
Great question Tessa. Real Estate lingo can be so confusing. Add to it, Real Estate websites don't use all the same verbiage and wait for it…they don't always have accurate information. If I had a dollar for every time something is not accurate on those sites I’d be lounging beachside with a Mai Tai!
Find out what's happening in Madisonfor free with the latest updates from Patch.
But let’s get these questions answered for you.
Contingent: When a property is marked as contingent, an offer has been accepted by the Seller. The property should be identified as “SHOW” status on the MLS (Multiple Listing Service). There are contingencies that need to be meet for the deal to keep moving forward. Some examples of common contingencies; inspection, financing, appraisal. (More to come on these topics!) Once these contingencies are meet and Buyer and Seller are satisfied with the resolutions, the property will move to Pending or Deposit Status.
Find out what's happening in Madisonfor free with the latest updates from Patch.
Pending: When a property is marked as pending, an offer has been accepted by the Seller and all contingencies have been satisfied. The property should be identified as “DEPOSIT” status on the MLS. The house will stay in this status until it closes.
What do all these contingencies mean? How long does this all take? Can you make back up offers?
You may be asking yourself these very same questions. They are asked of me on the daily from my clients. Stay tuned as over the next few weeks we’ll be talking shop on all these topics and I'll answer all your questions.
In the meantime, have another question for me? I'd love to hear from you. Email me at pschreiner@wpsir.com or ask me a question below – just hit that REPLY button!
Follow me on Instagram @phoebeschreiner for all things Real Estate, New England, Design and Living on The Shoreline.
From My Nest to Yours,
Phoebe
@phoebeschreiner