What does it mean when the Property Status is "Contingent"?

Wellington Florida Real Estate Q&A:

Question: I found a property online, but the status is “Contingent,” what does this mean?

Answer: When a seller accepts an offer the status in our local MLS will be changed to “Active-Contingent” or “Pending.” However how the status gets syndicated to other real estate websites may vary, sometimes the status will state “Contingent,” “Contingent Listing” or “Back-Up,” but they all mean the seller has accepted an offer and the property is no longer for sale.

Active-Contingent VS. Pending:

While “Active-Contingent” and “Pending” both mean the property is under contract, they are actually different.

“Active-Contingent” means the seller has accepted an offer, but the buyer has “Contingencies” that must be cleared up in order to close. Some of the most common contingencies include inspection contingency, mortgage contingency or appraisal contingency.  Once these contingencies are cleared up and removed the property status will then be changed to “Pending” or “Sold” depending on the length of the contingency periods. Occasionally a contract will be canceled during the contingency period and the property will be put back on the market, which is why some sellers will continue to show their home and accept a back-up offer when their property is “Contingent.”

“Pending” also means the seller accepted an offer, but it does not have any contingencies. In this case the buyer and seller are just waiting to close, so the likelihood of the property coming back onto the market is very small.

If you are looking to buy or sell your Wellington home contact us today! You can reach us 7 days a week by calling 561-333-0446 or via e-mail @ Contact@WellingtonHomeTeam.com.

What does it mean when the Property Status is "Contingent"?