If you’re in the process of buying or selling a home, you may have come across the terms “contingent” and “pending.” While these two terms may seem interchangeable, there is a big difference between the two. A contingent offer is an offer that is contingent upon certain conditions being met. For example, a buyer may make an offer on a home that is contingent upon the sale of their current home. If the condition is not met, then the offer is void. A pending offer, on the other hand, means that all conditions have been met and the sale is just waiting to be finalized. Once an offer is pending, it is very unlikely that it will fall through. So, when you’re making an offer on a home, be sure to specify whether it is contingent or pending. This will help avoid any confusion down the road.
What is a contingent offer?
A contingent offer is an agreement between a buyer and seller in which the sale of a property is contingent on certain conditions being met. The most common contingencies are financing, appraisal, and home inspection contingencies. If any of these conditions are not met, the buyer is typically allowed to back out of the purchase without penalty.
Pending offers are also agreements between buyers and sellers, but the difference is that all conditions have been met and the sale is just waiting to close. Once all parties have signed the contract and the agreed-upon closing date has passed, the sale is complete.
A contingent offer is an agreement between a buyer and seller that is contingent upon certain conditions being met. The most common contingency is financing, but other contingencies can include inspections, repairs, or the sale of the buyer’s current home. If any of the contingencies are not met, the buyer is usually released from their obligation to purchase the home.
What is a pending offer?
When you make an offer on a home, the seller can accept, reject, or counter your offer. If the seller accepts your offer as-is, the home is considered pending. This means that the contract is binding, and both parties are obligated to follow through with their agreed-upon terms. The home is no longer available for purchase by other buyers.
If the seller rejects your offer, they are not obligated to provide a reason. The seller may also counter your offer, which gives you the chance to accept or reject their proposed revision to the contract.
If you have any further questions about pending offers or need assistance making an offer on a home, please contact a real estate agent in your area.
A pending offer is an agreement between a buyer and a seller in which the buyer has made an offer to purchase the home and the seller has accepted the offer, but the sale has not yet been completed. The main difference between a contingent offer and a pending offer is that a contingent offer is still subject to certain conditions, such as financing or inspections, while a pending offer is not.
The difference between contingent and pending
The main difference between contingent and pending is that contingent status means that an offer has been made on the home, but there are still some conditions that need to be met before the sale can be finalized. Pending status, on the other hand, means that all conditions have been met and the sale is just waiting to go through.
Here’s a more detailed explanation of each:
Contingent: An offer has been made on the home, but there are still some conditions that need to be met before the sale can be finalized. These conditions can include things like the buyer getting financing or the seller making repairs to the property. Once all of the contingencies are met, the status will change to pending.
Pending: All conditions have been met and the sale is just waiting to go through. This usually happens because the loan is being processed or the paperwork is being finalized. Once everything is ready, the sale will close and the property will officially change hands.
When to use each status
Pending:
If an offer has been made on a home and the seller has accepted, the home is considered pending. Once pending, the home is no longer active on the market.
Contingent:
If an offer has been made on a home and the seller has accepted contingencies, the home is considered contingent. Contingencies are typically related to financing or the sale of another property. If the contingencies are not met, the home will go back on the market.
How to make an offer contingent or pending
When you make an offer on a home, you will likely have the option to make the offer contingent or pending. But what does that mean?
A contingent offer is an agreement between a buyer and seller that is contingent on certain conditions being met. For example, a buyer may make a contingent offer on a home that is contingent on the sale of their current home. If the contingency is not met, then the buyer is not obligated to purchase the home.
A pending offer is an agreement between a buyer and seller that is not contingent on any conditions. Once a pending offer is made, both parties are obligated to follow through with the sale (assuming all other contingencies are met).
So, which should you choose? It depends on your situation. If you are unsure whether or not you will be able to sell your current home, then making your offer contingent may give you some peace of mind. However, if you are confident that your home will sell quickly, then making your offer pending may be the better option since it shows commitment to the seller.
Conclusion
The main difference between contingent and pending is that contingent means that the sale of a property is dependent on certain conditions being met while pending means that the sale of a property is waiting to be finalized. Contingent usually comes first in the process, followed by pending.
