Basically it means you can not buy it unless the first buyers contingincy is not met and their contract is canceled. Good luck with your purchase.
The standard contract allows the buyer to inspect the property before they decide to move forward with purchasing. This is called the contingency period. Most of the time, the buyer will have so many days to have a professional inspector come out and have their real estate lawyer look over everything to make sure it checks out. This is the "A/I" or "Active Contingent" period.
Once the buyer checks everything out and decides they want to move forward, the buyer's attorney will inform the seller's attorney and the listing will move from "A/I" to "Pend". In a demonstration of good faith, the buyer usually submits their final earnest money to show they are serious with moving forward and purchasing the property.
So if you are a buyer and see something "A/I" there is a chance it might come back on the market. Depending on the home inspection and attorney review. If you see something "pend" there is a lower chance it will come back on the market.
Please feel free to reach me anytime on my cell phone at (312) 497-9747 or email at Sean@atproperties.com with any additional questions or concerns. I am more than happy to help!
2. Contingent (could also be Active/Contingent) - there is an offer, and there are some contingencies, e.g., attorney review, mortgage, etc,
3. Pending - there is an offer, it's under contract, there are not contingencies, and we are just waiting to close.
Active-contingent as a property status means that the property has a contract in place and is contingent on a term to be completed before it will close. The term can be approval from a third party, getting a mortgage, et cetera. Most public search sites are not updated real time, so even if the property shows an active status, it may be under contract. The market has been rapid fire these last several weeks and is faster than the updates :D
I would be glad to have a short strategy session in order to explain the home search and buying process from A to Z at our Clark Street location.
All the best!
Thank you so much for posting your question about this status mark from connectMLS. In this particular database, active contingent (â€œCTGâ€ is what we are guessing you mean â€“ i.e., contingent) means that the seller of the property has come to an agreement, in writing, with a potential buyer for the purchase of the home. In most cases, this particular status means that the attorneys have not yet reviewed the contract and approved it and that the financing has not been finalized. Are you searching for a home to purchase in the Chicago area? If you are, you should definitely find an experienced, helpful real estate agent to assist you in your search. Having a great agent will make sure that you have the answers to all of your questions and can get super comfortable with the process AND the lingo so that your search is as pleasant and fruitful as possible. Please let us know if we can help â€“ we are always here.
Best of luck to you and thank you again!
It means there is an agreed to offer (contract) that is contingent based on either the buyer/seller selling/buying another property, or it can be that the property is a short sale and the buyer has not agreed to ALL the terms and the sellers are still showing and accepting offers.
It can also mean they are waiting for the attorney review or inspection period to expire before changing the status to pending. Does it show like this A/I? If so, that is usually waiting for attorney review. Without seeing what exactly you're looking at it's hard to pinpoint.
Hope this helps and good luck!
If the home is in Active Congingent in our area, it indicates that you can place a "back up" contract on the property subject the the non-performance of the first offer.
In our area, Active Contingent is widely used on Short Sale properties. So many short slae first offers are withdrawn when the lien holder(bank) fails to meet the first offers deadline date for lien holders written approval and acceptance of the offer.
If there is a "back up" offer the agent can present the back up offer at the same time the documents to withdraw the first offer is submitted to the lien holder to avoid further delays in the lien holder's processing of the file.