When a home is listed as “contingent,” that means the seller has accepted an offer on the property, but the deal is contingent on certain conditions that must be met within a specified amount of time. If the conditions aren’t met, the deal is off. The property stays active on the local multiple listing service (MLS), where real estate agents provide information on properties that are currently available, until the contingencies are successfully met.
Some common contingencies include a home inspection contingency, an appraisal contingency and a home sale contingency. For example – if the seller accepts a buyer’s offer, but the home inspection must come back without any issues, that is a contingent real estate contract.
A pending home sale occurs after the seller has accepted an offer and the contract between the seller and buyer is signed. That means all (if any) contingencies were successfully met, and both parties have agreed to move forward with the home sale transaction. When a home sale is pending, it is no longer considered “active” on the MLS.
