The Difference Between Contingent and Pending
Today I’m explaining the differences between some confusing terms.
I’ve been asked a lot lately what it means when a property is contingent, pending, or under contract. What’s the difference? As new buyers begin their home search online, they frequently send me an address or two that they love but don’t quite understand what some of these terms mean.
Contingent means another buyer has made an offer that has been accepted conditionally. The contingency may be bank approval, a home inspection, an appraisal, or what’s known as a 48-hour first right of refusal. This is where a buyer has to sell their current house before they can buy a new home.
Pending is a little different. This contract isn’t subject to contingencies, but the parties are waiting on something to be done, such as a title search to come back. Pending houses are more likely to close quickly.
Under contract simply means the property is expected to close on the indicated date.
If you need more clarification about these terms or have any questions concerning real estate, don’t hesitate to reach out via phone or email. We would love to speak with you.
Today I’m explaining the differences between these terms.