Home Buying in Virginia>Question Details

Stick123, Home Buyer in Virginia

What is the difference between pending and under contract w/ contingencies?

Asked by Stick123, Virginia Sun Apr 17, 2011

We have an offer on a house and the inspection and appraisal has been done and passed. The listing now says pending and it was listed under contact with contingencies. What is the difference between the two? Financing is now going to underwriting and we should know something in 7-10 days.

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Hi, Under contract means the contracts are fully executed by buyer and seller. The conitngencies are usually things that need to be satisfied before closing such as repairs, your mortgage committment, etc. Pending means that all contingencies have been satisfied, mortgage commitment is in, just waiting for clear to close from bank.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Sun Apr 17, 2011
I would talk to your agent if you have any specific questions about your part of the home buying process. Your contract should include a closing date and you should be working towards meeting that date.
0 votes Thank Flag Link Sun Apr 17, 2011
The listing is on the site from the company that is selling the house and their listing now says pending, it did say under contract. As I said before this listing is the house we are buying and have had the home inspection done as well as the appraisal. Just wondering why the selling agent changed the listing to pending, does this mean we are close to owning this home?
0 votes Thank Flag Link Sun Apr 17, 2011
Are you looking at the MLS listing or a third party site? Not all sites have the same official codes that are used by the local MLS. Usually when all of the contract contingencies such as financing, appraisal, home inspections, HOA or Condo document review are completed then a listing goes from under contract with contingencies to just under contract. Again some MLS systems have different codes but in Northern Virginia the MLS would show CONT when all contingencies are removed.
0 votes Thank Flag Link Sun Apr 17, 2011
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