Everything you need to know about contingent vs pending and YES you can put an offer on the home!
When searching the market for a new home, you’ll run across properties in several states of activity. What do you do when the home you’re interested in is marked as “contingent” or “pending”? What’s the difference between the two, and what are your options for making an offer?
What Is Contingent?
When a property is marked as contingent, an offer has been accepted by the seller. Contingent deals are still active listings because they are liable to fall out of contract if requested provisions are not met. If all goes well, contingent deals will advance to a pending state.
What Is Pending?
When a property is marked as pending, an offer has been accepted by the seller and all contingencies have been satisfactorily addressed or waived. Pending deals are no longer considered active listings. A home will remain in the pending state until all legal work has been processed.
Can You Make an Offer on a Contingent or Pending Home?
It is important to remember that you can make an offer on a home at any stage of the process, and this is why having the most up-to-date information and a real estate agent who knows how to handle complex deals is essential. If you’ve fallen in love with a home that is contingent or pending, you should get in touch with one of our REALTORS® right away to explore your options for making an offer.
We encourage the buyers that we work with to consider making a back-up offer if they have found a home that they love -especially if the home is listed with contingencies-. We also like for our sellers to keep an open mind and continue to show their home even if they have a contingent offer. Sometimes things happen and offers can fall through, our suggestions help to protect the buyer and seller in those cases. A back-up offer could easily become the primary if the first buyer falls through.
If you are looking for your next home or considering selling yours, consider letting us help! We have a team of professionals ready to serve you.
Greenbrier Real Estate Service
Greg Allman, Broker
Article adapted from Redfin.com