{"id":18689,"date":"2023-07-06T02:14:28","date_gmt":"2023-07-06T09:14:28","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=18689"},"modified":"2024-05-30T10:44:12","modified_gmt":"2024-05-30T17:44:12","slug":"real-estate-pending-vs-contingent","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/real-estate-pending-vs-contingent\/","title":{"rendered":"In Real Estate, What is Pending Vs. Contingent?"},"content":{"rendered":"

With nearly 96% of home buyers using the Internet<\/a> to search for a new home \u2014 and 60% of their search\u00a0conducted using a mobile phone \u2014 your home\u2019s future owner might be just a few keystrokes or taps away. That\u2019s why it\u2019s important for your real estate agent to keep your property\u2019s status up to date, both in the multiple listing service (MLS)<\/a> that agents cooperatively use, as well as in online marketplaces, which pull data from the MLS.<\/p>\n

When your home first hits the market, your listing agent<\/a> will note that it\u2019s \u201cActive,\u201d as in ready and available for showings \u2014 but there\u2019s a lot of ground to cover before your agent lists the status as \u201cClosed,\u201d when you have a done deal and you\u2019re ready to hand over the keys.<\/p>\n

Let\u2019s sort through how potential buyers and their agents view statuses such as \u201creal estate pending\u201d vs. \u201ccontingent,\u201d so you can present your home accurately and still meet your selling goals.<\/p>\n

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Step one: Talk to an expert!<\/h3>\n

Selling your house soon? Connect with a top agent near you to get an expert opinion on how much your house will sell for, what to fix before listing, and the latest local housing market trends.<\/p>\n \n

\n Learn More<\/a>\n <\/div>\n <\/div>\n<\/div>\n\n<\/span><\/p>\n

Contingent or pending, you\u2019re under contract!<\/h3>\n

Whether your home is \u201ccontingent\u201d or \u201cpending,\u201d you have an interested buyer and a ratified contract \u2014 meaning one to which all parties agree.<\/p>\n

In a nutshell, that means that all parties accept the contract\u2019s terms, making it legally binding<\/a>. However, there\u2019s still some wiggle room as far as conditions that must be met. Enter the difference between \u201ccontingent\u201d and \u201cpending.\u201d<\/p>\n

Contingent: The deal hinges on certain conditions<\/h2>\n

\u201cContingent\u201d usually means that you, the seller, have accepted an offer, but the offer is contingent on fulfilling certain criteria. Now, keep in mind that there are approximately 800 MLSs across the United States<\/a>, all which have slightly varying rules on listing statuses. In lieu of the label \u201cContingent,\u201d you may also see \u201cActive Contingent\u201d and \u201cActive Under Contract.\u201d<\/a><\/p>\n

These labels essentially mean that although a listing is under contract with a buyer, a lot still must come together for this deal to close. In the meantime, with a \u201cContingent\u201d status, the seller is typically allowed to continue showing the home and accept backup offers in the event something goes awry.<\/p>\n

So what are the contract stipulations that put a listing into that \u201cContingent\u201d stage, and how common is it for a property to hang in closing limbo?<\/p>\n

Here are 5 common contingencies<\/a> in real estate contracts:<\/p>\n