R
Ronnie
TREF Guest
Does it make any difference if a house is Pending or Contingent on the MLS?
Both are under contract aren't they?
Both are under contract aren't they?
H
He's got game
TREF Guest
- Thread starter
- #2
I think Contingent means they are negotiating and Pending means they have a contract.
- Jun 6, 2012
- 26
- 22
Actually, under Triangle MLS rules, both "Contingent" and "Pending" indicate that the property is under contract.
"Contingent" means the property can still be shown to prospective buyers.
"Pending" means no showings are allowed.
"Contingent" means the property can still be shown to prospective buyers.
"Pending" means no showings are allowed.
H
He's got game
TREF Guest
- Thread starter
- #4
Is that it? No other difference between Pending and contingent than showing?
I thought contingent meant the buyers had a house to sell.
A
adele
TREF Guest
- Thread starter
- #5
me too. my friends' home sale in Cary was contingent because their buyer had to sell their house.
R
Ronnie
TREF Guest
- Thread starter
- #6
Do you ever show contingent homes? Do buyers still want to see contingent homes?
- Jun 6, 2012
- 26
- 22
Most buyers do not bother. The reason to see a Contingent home would be to make a back up offer, in case the contract in place would terminate for some reason.
But, most contracts end up in a sale, so a buyer should not be confident of getting a home with a back up contract.
- Jun 6, 2012
- 26
- 22
Any condition in the contract is some type of a contingency.
Buyer having a house to sell is one type of contingency. Buyer getting financing is another. That the property appraises for the purchase price or more is a common contingency. Acceptable home inspections and repair negotiations are contingencies. Survey, insurable and marketable title, ability to get homeowners' insurance, acceptable covenants and homeowners association are others.