What does Pending, Under Contract & Contingent mean?
Can you schedule a showing for a home in Pending status? Does the Under Contract status mean that there is a chance the current offer on a home may fall through? Will the seller consider a back up offer from you in the case that the current buyer is unable to sell their current home soon? These are all fantastic questions and each property status requires these questions to be addressed in different possible ways. Every professional industry has its own language, and real estate is no exception. There are probably more terms and acronyms in the housing and mortgage businesses than most. When you are viewing real estate properties online you undoubtedly will start noticing different property statuses and wonder what each one means. While a local professional will always be the most beneficial to help navigate each situation, the following are the definitions of statuses according to the local MLS (multiple listing service) to give some ba...