Paul,
This property is a short sale and most likely is still waiting for final bank approval. Technically they have an offer on it...but I would keep an eye on it if I were you as many times the buyer gets frustrated in the short sale process, or the contract expires, or other endless reasons and the house may come back onto the market for any of the reasons I described. Another thing to note is that the bank can continue to accept offers on most short sales until they have entered into a mutually binding contract. I am assuming by the fact it is labeled contingent right now...it is contingent on final bank authorization to sell at a lesser price than the current mortgage. I would be happy to look into this further for you if you should like. Just drop me an email if you are not already currently working with a Realtor!
Best of Luck in your Home Buying Process. - Wed Oct 28 2009, 21:53