when i search for home listings in my area sometimes the status is "pending offfer" and sometimes it is: "contingent offer"
What is the difference?
2006-11-06 09:40:56 · 7 answers · asked by JJ C 2 in Business & Finance ➔ Renting & Real Estate
Please folks, if you don't know the answers to the questions, please don't answer them. There is a lot of misinformation in some of the answers here.
A pending contract is a signed contract that has not yet gone to closing. The seller has accepted the buyer's offer and they are waiting for the completion of the title search and perhaps financing underwriting before closing.
A contingent offer is a pending contract that has some conditions on it. It might be contingent on the buyer obtaining financing, a satisfactory home inspection, clear title, the sale of another house or other conditions. The contingencies must be 'removed' or satisfied before the parties go to closing. They are written into the contract and agreed to by both the buyer and seller. If the contingencies are not met, usually in time limits set by the parties, the contract is voided and the house goes back on the active market.
Hope this gives you an accurate answer to your question.
2006-11-06 13:00:57 · answer #1 · answered by Realtor Jim 2 · 1⤊ 0⤋
In my area, a home is only listed 'contingent' if the sale is contingent upon the buyer selling his old home. Inspections, financing, etc, are usually just listed as "STI": which is subject to inspections.
Pending would mean that the sale hasn't closed escrow yet, but there is alreayd a buyer lined up.
Contingent sales often allow for "bump" offers from buyers who do not have a home to sell. The previous buyer would then have to agree to either let the new buyer purcahse it, or remove the contingency-- and have to close on the house whether his previous home sells or not.
2006-11-06 17:49:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Tell you what it's a new language when it comes to those things. a pending offer should mean that an offer has been presented and they are waiting for a response from the seller but I'll bet you they mean that an offer has been accepted pending some contingency. A contingent offer should mean that an offer has been accepted but it is waiting for a contingencie/s to be removed before they can act on closing.
You go figure
Buena Suerte
2006-11-06 17:47:16 · answer #3 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
pending offer is when an offer has been submitted to the seller and the seller has not yet indicated wether or not they will accept it.
contingent offer is an offer made by the buyer that is contingent on certian factors the two most common are contingent on inspection, that will let the buyer off the hook if ther is a poor inspection report and contingent on the buyer selling their exsisting home....if they cant they are not locked into the house the made the offer on.
2006-11-06 17:47:39 · answer #4 · answered by Anonymous · 1⤊ 1⤋
A pending or contingent offer means that an offer has been made on the property and whatever additional offers made will be considered only if the current offer is declined.
2006-11-06 18:08:32 · answer #5 · answered by Le_Roche 6 · 0⤊ 1⤋
Pending offer--an offer has been made.
Contingent offer--an offer has been made, but they are not sure the seller will get financing (or something) so they are seeking backups.
2006-11-06 17:43:39 · answer #6 · answered by Nelson_DeVon 7 · 0⤊ 0⤋