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What is a Contingency?

  In my last blog I discussed what Pending means in Real Estate and I stated:   Anytime I say Pending, it means the house is under contract. Either with a contingency or not, the house is more than likely going to another buyer. It's just a matter of time until it closes and the new homeowner will be moving in. So what is a contingency?  Well a contingency in a contract is anything that must be first met to allow the sale to continue in the manner in which the contract was written. Most contracts have standard contingencies to include a home inspection, a financial contingency and an appraisal contingency. Other contingencies could include a home sale.  Home Inspection Contingency: This contingency allows the buyer to preform a home inspection (all home inspectors in the state of Virginia must have a license) and the buyer has the opportunity to ask for repairs in order for the contract to move forward. Sellers at this time can a couple of things. Repair all items Repair some it

What Does Pending Mean in Real Estate?

 



As a Realtor, I use terms all the time that I know exactly what they mean that those not heavily involved in my profession do not know but I think they do. 

Pending is a word I use all the time when talking with clients on a house they may be interested in looking at.

Such as, "Hey Leigh Ann, what's going on with 12345 Main? Can we take a look at it?" 

"Hey John, well it's pending." I will say.

"Ok. Well what time came we go see it?" 

"Well, it's Under Contract so unless the seller wants buyers still looking at the home, no."

Anytime I say Pending, it means the house is under contract. Either with a contingency or not, the house is more than likely going to another buyer. It's just a matter of time until it closes and the new homeowner will be moving in.

The buyer would need to cancel the sale before you as a buyer can have the opportunity to make an offer and have it accepted. 

Pending means Under Contract.



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