In the multiple listing service covering northeast Illinois, the contingent status is "supposed" to be used whenever there are contingencies to be met before the property goes to closing. Examples of common contingencies would be: different types of home inspections, any financing conditions. There are more unusual contingencies for just about everything...cancellation of a prior contract by one of the parties, acceptance of contract by third party, and so on.

Once any and all contingencies have been satisfied, the listing office/agent is expected to move the status to "pending" until the property closes (this change will move the property to off market in the multiple listing service).

Most buyers would definitely not want to pursue properties in the pending category and, in all likelihood, would only want to pursue contingent homes in certain circumstances. Your buyers' agent can best guide you on whether your circumstances and the home's type of contingency/time frame would warrant your consideration.

More questions on this, feel free to contact me.

It could be contingent upon them finding a new home. Whereas they need to find a new home prior to settling on their current home. So say if you wanted a quick settlement, they might not allow for that.




Sean Dawes