If you have the accepted offer, the Contingent No-Show would be for your offer. Seller just does not want to show the house to others during this long waiting period for lender's approval. Happens a lot now a days with short sale or sellers' request.
It does not mean they accepted another offer - you do have an accepted offer, right?
I agree with Ron, the word 'contingent' is confusing in this situation.
Well, if the seller accepted your offer , you should know about it( yet, a bank will make a final decision about price and terms). Otherwise your offer will be back up.
I don't believe that ''once the initial offer is accepted by the seller and sent off to the bank? Did the listing agent throw offer under the desk and take a better offer after the seller accepted the first one''.
Just be patient, SS takes time.
The SELLER is not the homeowner in this case; the homeowner is pretty much a "rubber stamp".
The Bank is the final approval, and the the one who will put you under Contract.
Until you are under contract, the Listing Agent can show the house, accept other offers, and put it as PENDING or even ACTIVE; it isn't under contract!
Listing Agent may call it "45 day waiting period" but in reality, he does not know how long it will take.
Don't confuse the word CONTINGENT; that would refer to your Inspection and Loan Contingencies. It has nothing to do with the STATUS.
Relax; you might as well, you have no control.