What is Contingent/CAPA?

Asked by Mike Humphrey, Arizona Fri Nov 23, 2012

I know what Contingent means. I know what Capa means. Ive never seen Contingent/CAPA before

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11
Kat Tyree, Agent, Tucson, AZ
Mon Aug 26, 2013
Our Tucson Multiple Listing System does not use these terms together. In the MLS, these are "statuses" of homes for sale. This is used to tell a prospective buyer or agent the general status of the sale, and sometimes it is necessary to call the listing agent to gather more information.

If there is a system that would allow the use of both together, I could assume that the agent that chose the Contingent/CAPA status may mean that the home is in contract, but they would like to accept other or backup offers. The correct status would then be CAPA, which means "can accept purchase agreement". There may be a stipulation in the existing contract that the seller can accept other offers with notice to the first buyer to remove his contingency. It's a guess.

CAPA does not apply just to short sales, although in today's market it is typical to see this status on many short sales that are waiting for the bank to respond after a seller has accepted. A good use for CAPA status is when a seller has accepted an offer that is contingent upon the sale of another home, and their current contract allows for a replacement contract if the buyer in first position can't remove the contingency.
1 vote
David Hopper,…, Agent, Tucson, AZ
Fri Nov 23, 2012
Spirit has the best explanation of the two statusus (stati ??), but I also have never seen them together. Where did you see this ? Can you provide us with a link ?
1 vote
longrealty.com
Flag Sun Apr 14, 2013
Spirit Messi…, Agent, Tucson, AZ
Fri Nov 23, 2012
Once a seller accepts an offer on a listing, it is said to be Active Contingent. If the listing is a short sale, and the seller has accepted it is considered Active Capa. Because they can still accept purchase agreement, in fact that is what CAPA stands for = Can Accept Purchase Agreement.

Please keep in mind free sites like Zillow and Trulia are not very accurate with their listings, many times I am contacted by an interested party and the property is already under contract or even sold.

If you have real estate questions, I highly recommend you pick & work with a local Realtor. Most of the time there is no cost to the buyer when working with one, good to have a relationship. Kindly click on my profile to lean more about me, please read reviews written by past clients.

Best of luck.

Spirit Messingham, PLLC
3rd Generation Full-Time Realtor®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208
SpiritRealty@Cox.net

Spirit
1 vote
Eseosa Ela…, Agent, Tucson, AZ
Fri Nov 23, 2012
Hi Mike,
I have never seen them combined either. As the other agents have mentioned, both of these statuses state that the seller has accepted an offer and is waiting for all of the other contingencies(appraisal, home inspection, final loan approval) to be met. You can submit a backup offer; however, you will be in secondary position.

Take Care,
Eseosa Elaiho
1 vote
David Winter, Agent, Marana, AZ
Fri Nov 23, 2012
Mike,

They are actually 2 differrent statuses but both indicate the property has an accepted contract with contingencies that may allow another offer to be accepted in a back up position.

Good luck.

David Winter
Long Realty
1 vote
Wendy Palmer, Home Buyer, Vail, AZ
Thu Aug 6, 2015
A good example of this is: "A contract on a home with a Pending sale (contract) on the buyers home." We are doing a Relo and our (old) home is under contract with a buyer we secured and the Relo company is purchasing our home after the inspection period is complete (it now is done) and will finish the sale with our buyer, therefore releasing our liability on our old home to buy our Tucson home with funds (from the Relo company) secured from our sale (before our actual closing date). We close on the Tucson home in 2 weeks and the sale of our old home is 5 days later, allowing us to have the moving company do a direct transfer from one home (In Phoenix) to the other. In our situation, it doesn't have anything to do with a short sale or foreclosure by either party. It is handled differently than a traditional sell/buy in that we don't sign anything with our buyers (everything is verbal) then signed by the Relo company. Also, for purchase, we had to have the contingent clause for the sale of our house (just until the inspection period is done and accepted by both parties) on the house we are selling, which takes about 10 days: meaning the seller of the house we are buying doesn't have to wait the traditional time frame of a regular buyer dependent on the sale of their home. They are just locked in for the inspection period which really only looses 2 weeks of their active status. Not as good as a clean offer of course, but almost as good. The home we are purchasing was on the market 11months. They were ok with waiting 2 weeks to know for sure it was going to happen. Hope I made sense. I am not an agent, just a buyer/seller. Thanks
0 votes
Rob & Cather…, Agent, Tucson, AZ
Sun Jan 18, 2015
Here are the definitions per the Multiple Listing Service:

Active CAPA: "Can Accept Purchase Agreement": Listing is under mutually accepted contract, and is to remain active. Seller has reserved the right to accept replacement offers as defined in the Purchase Contract. Days on Market will cease to accrue.

Active Contingent: Listing is under mutually accepted contract, which contains one or more contingencies. Call Agent for permission to show. Days on Market will cease to accrue.

All MLS Members are required to follow these definitions. A Change of Status must be made within two Business days of the event (accepting a contract).
0 votes
Ric Mills, Agent, Oro Valley, AZ
Fri Nov 23, 2012
I have not seen them combined together. However, I do know that someone put an offer on the property so they changed the status. For more questions contact me at AzProperties@Ymail.com
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Fri Nov 23, 2012
This means the seller has accepted an offer but there are still other terms that must be worked out.
0 votes
Ric Mills, Agent, Oro Valley, AZ
Fri Nov 23, 2012
That means the sale has an accepted offer but they are willing and able to take backup offers. It is probably a short sale and will take up to 6 months to complete the sale. If you have the time and patience, a short sale will probably work for you and I encourage you to put in back up offers. Let me know if we can help you as we do short sales as a major part of our business.
0 votes
Christina Es…, Agent, Tucson, AZ
Fri Nov 23, 2012
I haven't seen that before either. I don't think that is a real status. Where did you see that? It can't be both.
0 votes
Yes they can be combined. “Contingent” means we accepted an offer. “CAPA” means we Can Accept Purchase Agreement(s) as backups.

We have accepted an offer on our home in Arizona, and no it’s not a “short sale”. I don’t know where that information is coming from in prior posts?

Our home is still for sale, listed as "Contingent/CAPA" as we are accepting offer(s) in the event anything happens prior to close of escrow. The current buyers are pre-qualified, have put down earnest money, the home inspection is completed, and all of the initial paper work is done, including paper work for the title company.

We don’t even have “sale pending” hanging on our yard sign. Long story short, the home is not sold until the keys are handed over, so as a seller you don’t want offers to stop coming in, or hinder that in any way…
Flag Sun Feb 24, 2013
On my property update from Longs. I received it today.Probably a typo. Somebody had to much turkey and still sleepy!
Flag Fri Nov 23, 2012
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