“Contingent” or “Pending” is a property status. All buyers will be more interested in homes with an “active” status, rather than “contingent” or “pending.” When a home is contingent or pending, it means another buyer wrote an offer on the home, the seller accepted that offer, so the house is in escrow.
While another offer was “ratified,” it’s still possible to tour with a status of “contingent-show” for the purpose of writing a back up offer, in case the house falls out of escrow, but most clients want to give their attention to homes that are not already in contract.
Contingent vs pending; contingent means that the other buyer still has to satisfy their inspection, appraisal, and/or loan contingency. Pending means that all buyer contingencies have been released, and that they’re just waiting for the papers to be signed by buyer and seller and they are waiting for the loan to fund. There’s little reason to look at a home “pending,” “contingent” unless you have exhausted other options and this is the most perfect home plus we have intel from the listing agent that it will likely fall out of contract. Most homes that are pending or contingent will probably not be worth the time to tour, but I’m always happy to call the listing agent and investigate what’s going on with the current contract in escrow.
Monika Thomas
SF Bay Area Realtor®
CA BRE #01918034
Engel & Völkers
582 Castro Street SF, CA 94114-2512
call/text +1 415 572 2670
Monika.thomas@evusa.com
http://GetRealEstate.us
My San Francisco listing was showcased on “On the Block!”
http://blog.sfgate.com/ontheblock/2016/12/02/westwood-park-craftsman-sells-for-225k-over-asking/
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