Real Estate Terms Defined….
I ran across a blog post I wrote in August 2010 titled “Understanding Real Estate Terms | Pending and Contingent Sales” that talks about the terms as it relates to the San Diego market…. however, Pensacola uses the same terms to show the status of the property for sale and have the following meaning:
“Contingent” will show up on all internet sites as an active listing. This is frustrating to buyers because they believe the home is still available to buy…. when, in fact, it is under contract and normally contingent upon a home inspection,financing, short sale approval, probate approval, or some other contingency.
“Pending” is where the property is no longer showing as active on internet sites. It means that the buyer has removed all contingencies and is going forward with the purchase of the property.
If you have any questions about these terms or any other real estate terms, please ask me!