{"id":50479,"date":"2021-06-17T08:22:23","date_gmt":"2021-06-17T15:22:23","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=50479"},"modified":"2022-04-19T22:46:59","modified_gmt":"2022-04-20T05:46:59","slug":"contingent-sale-vs-pending-whats-the-difference","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/contingent-sale-vs-pending-whats-the-difference\/","title":{"rendered":"Contingent sale vs. pending: what\u2019s the difference?"},"content":{"rendered":"

As you search for homes online, you may see listings marked as a \u201ccontingent sale\u201d or \u201cpending\u201d and understanding the difference can help you identify properties that are still open to offers.<\/p>\n

What Does Contingent Mean?<\/h2>\n

When a home sale is listed as contingent<\/a>, it means a buyer has made an offer, the seller has accepted it, but the deal hinges on one or more specific conditions happening in a pre-set time period. If the buyer does not meet the contingencies within the time frame, the agreement falls through.<\/p>\n

What Does Pending Mean?<\/h2>\n

When a home\u2019s status is listed as pending<\/a>, the seller has accepted the offer and all contingencies have been met. Although a listing is no longer active once it\u2019s pending, it will remain in that status until all the legal paperwork is completed and both parties have closed on the home sale.<\/p>\n

Five Types of Contingent Sale Status<\/h2>\n

Contingent \u2014 Continue to Show<\/h3>\n

A home listed as \u201cContingent \u2014 Continue to Show\u201d means the seller has accepted an offer with contingencies<\/a>, but they encourage agents to continue to show the property. This status is often used if the accepted offer is perceived as likely to fall through. As a potential buyer, it may be wise to submit your offer as a backup.<\/p>\n

Contingent \u2014 No Show<\/h3>\n

When a home is listed as \u201cNo-Show\u201d it means the seller has accepted an offer with contingencies but it is likely to make it to closing and they no longer want to show the property.<\/p>\n

Contingent \u2014 With Kick-Out (or Without)<\/h3>\n

A status listed as \u201cContingent \u2014 with Kick-Out\u201d means the seller has accepted an offer with contingencies but, if another offer comes along that\u2019s better, they can kick out the initial contract. If the home is \u201cContingent \u2014 without Kick-Out,\u201d the seller cannot accept another offer unless the contingencies in the first, accepted offer are not met.<\/p>\n

Contingent \u2014 Short Sale<\/h3>\n

A short sale<\/a> is when the lender has agreed to sell the property for less than the mortgage\u2019s remaining balance. This can be a very lengthy process, so a property is sometimes listed as \u201cContingent \u2014 Short Sale\u201d to signify that backup offers are being accepted on the chance that the accepted offer falls through.<\/p>\n

Contingent \u2014 Probate<\/h3>\n

A home is sold via probate court when someone dies without leaving their home to a specific party. When this happens, the state steps in and oversees the sale of the property. Similar to a short sale, this can be a lengthy process. The home may be listed as \u201cContingent \u2014 Probate\u201d to indicate that backup offers are being accepted.<\/p>\n

Three Types of Pending Status<\/h2>\n

Pending \u2014 Taking Backup Offers<\/h3>\n

If a seller has accepted an offer but there are some hiccups getting to the final closing, they can use this status to indicate that they are taking backup offers<\/a>.<\/p>\n

Pending \u2014 Short Sale<\/h3>\n

This status is used when the sellers have accepted an offer, the contingencies have been met, but it\u2019s waiting on the lender\u2019s approval. Since the short sale is priced below the remaining mortgage balance, the lender must approve it.<\/p>\n

Pending \u2014 More than Four Months<\/h3>\n

If an offer has been accepted, contingencies have been met, but the listing has been stalled as \u201cpending\u201d for more than four months \u2014 this status can be used. A property could be pending for an extended period of time due to issues with paperwork, stalled negotiations, or construction delays.<\/p>\n

Can You Make an Offer on a Contingent or Pending Home?<\/h2>\n

You can always make an offer on a home at any stage of the process \u2014 but your chances of it being accepted depend on a number of factors, including the type of contingent or pending status. This is why it\u2019s always important to work with a knowledgeable real estate professional<\/a> who can help you navigate the market.
\nAccording to the NAR REALTORS\u00ae Confidence Index Survey<\/a>, 5% of contracts were terminated in April 2021 \u2014 most of which fell out due to issues with the appraisal or financing. While the vast majority of home sales get to closing, a backup offer is never a bad idea if you\u2019ve found a home you love.
\nYour agent can also help you craft an offer that stands out by using strategies like making an offer with little or no contingencies, speaking to the other agent directly, adding additional earnest money, or writing a personal letter to the sellers.<\/p>\n

Meet an Agent in Your Area<\/h2>\n

When you\u2019re ready to start your home search, meet an agent<\/a> who can walk you through the real estate process with ease.<\/p>\n","protected":false},"excerpt":{"rendered":"

As you search for homes online, you may see listings marked as a \u201ccontingent sale\u201d or \u201cpending\u201d and understanding the difference can help you identify properties that are still open to offers. What Does Contingent Mean? When a home sale is listed as contingent, it means a buyer has made an offer, the seller has accepted it, but the deal hinges on one or more specific conditions happening in a pre-set time period. If the buyer does not meet the contingencies within the time frame, the agreement falls through. What Does Pending Mean? When a home\u2019s status is listed as […]<\/p>\n","protected":false},"author":3,"featured_media":50480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[223],"tags":[80,49,187,79,186,53,83],"class_list":["post-50479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying","tag-buyer-tips","tag-buying-a-home","tag-contingencies","tag-homes-for-sale","tag-pending-homes","tag-real-estate","tag-real-estate-tips","post--single"],"yoast_head":"\nContingent sale vs. pending: what\u2019s the difference?<\/title>\n<meta name=\"description\" content=\"A home listed as a contingent sale is different from a pending sale. 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