What does it mean when a house goes from contingent to pending?
Contingent means the seller of the home has accepted an offer—one that comes with contingencies, or a condition that must be met for the sale to go through.
Complete sale of buyer’s current home.
Is pending and under contract the same thing?
The home is under contract and all contingencies have been removed (that is, the requirements met). Basically, a sale pending property is much closer to being sold than an under contract property. …
Does contingent mean sold?
What does contingent mean when a house is for sale? … When a property is marked as contingent, it means that the buyer has made an offer and the seller has accepted that offer, but the deal is conditional upon one or more things happening, and the closing won’t take place until those things happen.
Can a seller back out of a contingent offer?
Just like buyers, sellers can get cold feet. … But unlike buyers, sellers can’t back out and forfeit their earnest deposit money (usually 1-3 percent of the offer price). If you decide to cancel a deal when the home is already under contract, you can be either legally forced to close anyway or sued for financial damages.
Is pending better than contingent?
Quite simply, when a property is marked as pending, an offer has been accepted by the seller. Contingent deals, on the other hand, are still active listings (which is why they are often called active contingent) because they are liable to fall out of contract if requested provisions are not met.
Can a realtor show a house that is pending?
Realtors can continue to show a house that is pending. … If this is the case sellers will allow the Realtor or real estate agent to continue to show the property during closing. Due to the many reasons a pending sale can fall through, it is not uncommon for sellers to continue to show the property.