There are three terms buyers often ask me about when it comes to the way listings are marked online, and today I would like to explain each.
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What is the difference between a property marked as “contingent,” a property marked as “accepting backups,” and a property marked as “pending?”
If you’ve been shopping around for homes online, you may have encountered these terms, but probably don’t quite understand what they mean. Allow me to explain.
1. Contingent. When a listing is marked this way, it means that the home is under contract but that certain provisions of the deal have not been met yet. In other words, the current contract stipulates that specific conditions must be met in order for the deal to close. Inspection contingencies, financing contingencies, or home sale contingencies are the most common examples you will encounter.
“A backup offer allows buyers the chance to essentially place themselves next in line for a home in case the first buyer’s deal falls through. “
2. Accepting backups. Listings marked like this are under contract, but are still accepting backup offers. A backup offer allows buyers the chance to essentially place themselves next in line for a home in case the first buyer’s deal falls through.
3. Pending. Listings that are pending have already gone through the inspection and financing period, and there are no contingencies left to be met.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
