When it comes to real estate, several terms are used to describe a property’s status during the buying and selling process.
What Does Pending Mean?
When a property is marked as “pending,” the buyer and seller have agreed upon a sale contract, but the transaction is not yet complete. During this time, the property is no longer available for sale, and the seller cannot accept any other offers. The pending status will remain until all the contingencies in the contract have been met, including inspections, appraisals, and financing. Once everything is complete, the status of the property will change to “sold.”
What Does Contingent Mean?
“Contingent” is another term used in the real estate industry to indicate an offer on a property, but the sale is not yet final. This means the offer comes with specific conditions or contingencies that must be met before the sale can be finalized, such as the buyer obtaining financing, passing a home inspection, or selling another property. Other potential buyers can still submit offers on a contingent property but may have to wait until the contingencies are removed to see if they can be considered for the home.
Can You Put In An Offer On A Contingent House?
Yes, you can put in an offer on a house that is marked as contingent. However, it’s important to note that a contingent property means the seller has already accepted an offer, and your offer will be considered a backup offer. If the initial buyer cannot fulfill the sale requirements, the seller may choose to accept your offer instead. But, placing a backup offer on a contingent property doesn’t guarantee you will be able to purchase the property.
What Does it Signify When a House Changes from “Active” to “Contingent”?
When a house changes from “active” to “contingent,” the seller has accepted an offer from a potential buyer, but the sale is still subject to certain conditions, such as financing or home inspections.
Hi! I’m Jolene Baijot, a Real Estate Agent in Bellingham. Thank you for reading this blog post. I appreciate your time spent on this site.