When looking for a new house, you’ll come across homes in various stages of the sale process.
What should you do if the house you want is listed “contingent” or “pending”?
What does the term “contingent” signify in the real estate world?
In real estate, what does the term “pending” mean?
Understanding the differences between contingent and pending will assist you in identifying properties that you may still be able to purchase, as well as how to proceed if you are interested in making an offer on a home for sale.
What does “contingent” mean on a house?
When a property is marked as contingent, it means the seller has accepted an offer.
Because they are likely to fall out of contract if required provisions are not granted, contingent transactions are nevertheless active listings. If all goes well, contingent deals will advance to a pending state.
In real estate, what does the term “pending” mean?
When a property is categorized as pending, it means the seller has accepted an offer and all contingencies have been met or waived.
Deals that are still in the works are no longer considered active listings.
The status of a residence will remain pending until all legal work has been completed.
Real estate contingencies are likely to occur in a real estate transaction. A variety of factors can influence real estate contingencies.
The following are some of the most typical contingencies when purchasing a home in Atlanta:
Inspection Contingency: If a house inspection discovers issues, the buyer has the option of requesting repairs, compensation, or opting out.
Appraisal Contingency: If an appraisal finds that the house is worth less than the offer, the buyer has the option of requesting a lesser price or opting out.
Financial Contingency: If a buyer is unable to obtain the house loan or mortgage that they expected, the seller has the option to opt-out.
Title Contingency: The buyer has the option to opt-out if a title report finds a conflicting ownership status.
Is it possible to make an offer on a house that is contingent or pending?
It’s vital to remember that you may make an offer on a house at any point during the process (before it is marked as sold), which is why having the most up-to-date information and working with a real estate agent who knows how the local real estate market works is crucial.
It is not unusual for buyers to fall in love with a house that is contingent or pending, you should contact a local real estate agent as soon as you see a home that you like. Even if the home that you fell in love with is no longer available, a comparable home for sale is waiting for you.
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