Home Buying in 60443>Question Details

Suzie, Home Buyer in 49237

what does pending/contingent means when you see it displayed as a property status?

Asked by Suzie, 49237 Sun Apr 15, 2012

i was interested in a couple properties in the matteson area and noticed a lot of them says contingent. does that mean they've been sold and are off the market?

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Hello Suzie:

As an agent in the Matteson area I can say that Contingent, pending and A/I (Attorney & Inspection) mean that the seller has accepted a contract. The parties should be moving to complete terms of the contract like loan applications, home inspections, attorney review etc. Agents are required to present all new offers to a Seller as soon as they receive them even at this stage. Here in Illinois one type of contingency in a contract where a Buyer has to sell their existing home prior to closing on the new home might be able to be "bumped" for a new contract under certain circumstances and terms. It's probably better for a Buyer to concentrate on properties that are on the market. We have automated searches that will email you Listings that meet your specific criteria directly from the MLS in real time. Feel free to contact me if you wish and I'll be glad to help.
0 votes Thank Flag Link Mon Apr 16, 2012
Hi Suzie,

When a property is pending/contingent it means an offer has been accepted by the seller and there are contingencies still in effect (i.e. appraisal, home inspection, loan, etc.). Some sellers will accept backup offers in case the current deal falls through for some reason - and, some seller won't. If there is a property you are really interested in, have your Realtor contact the listing agent to see if the seller is accepting backup offers.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sun Apr 15, 2012
In brief, pending and contingent mean that there is an executed contract/agreement in place between the buyer and seller that has not closed yet.
You might be able to place a backup offer on these properties; or just find one that's active and still on the market for sale.
0 votes Thank Flag Link Sun Apr 15, 2012
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