Ahh, you probably were browsing through your favorite homes and you came across this very particular property that you liked and you see the BOLD words that says “CONTINGENT” on it. Yes, this is very common question that I most certainly receive a lot from my clients on a day to day basis and I thought I’d help you out and clear some confusion.
When a property shows a “contingent” status, it simply means that the seller has accepted a buyer’s offer and the sales contract that the seller is moving forward with has a or some conditions that must be met in order for it to be a successful transaction/closing.
Usually during this stage, the seller may allow other potential buyers who may be interested in the property or realtors who may have buyers who would be interested to continue showing the home understanding that it is on a “Contingent” status.
It sometimes can be a waste of time to show or see properties that are contingent because you’d be betting on an offer that the seller felt would be a good candidate to move forward with. In a midst of receiving multiple offers on a property, a seller would most likely choose the strongest offer they see on the table that would guarantee them a successful closing transaction without any delays.
Besides the “contingent” status that you may see on a home, there are a few other statuses that you may also notice while browsing through your home search. The statuses can be…
A “pending” status on a real estate home listing simply means that the seller has accepted the offer and the contract is pending to close. Although it’s showing a “pending” status, a seller may be open to receiving backup offers.
A “backup” status on a real estate home listing would mean that the seller is actually stating that they are considering backup real estate offers/contracts. If you like a property enough, it wouldn’t hurt to take a quick look or send a blind offer showing the seller that you are interested in their home in case the current contract was to fall through.
If you are on the market searching for a new home, the Pure Equity family would love to help you out and be there with you in the process. We can help you out in your home search or your home loan and getting you pre-approved. Contact us today!