If you’re looking at Florida real estate listings, you might come across homes described as “pending” or “contingent.”
What do they mean, and can you still make an offer to buy the property?
The terms contingent and pending often are used interchangeably in real estate, but there is a difference in their meaning.
What does contingent mean in real estate?
Contingent means that an offer for the property has already been made, but that offer is contingent on certain conditions being met.
This type of offer may be contingent on the condition being met within a certain time period, or it may be contingent on a specified event occurring first.
Read more below about some of the common contingencies in Florida real estate transactions.
What does pending mean in real estate?
Pending means that an offer has been accepted by the seller, but the sale is not yet final. A pending real estate transaction is not contingent on any conditions but the buyer and seller are typically working with a real estate agent to finalize the details of the sale.
What are Common contingencies in Florida real estate transactions
– Financing contingency: The sale is contingent on the buyer being able to secure financing for the purchase price of the home.
– Appraisal contingency: The sale is contingent on the property appraising for at least the purchase price.
– Home inspection contingency: The sale is contingent on the buyer’s ability to obtain a satisfactory home inspection.
– Sale of another property contingency: The sale is contingent on the buyer being able to sell their current home or other property first.
– Receipt of repairs contingent: The sale is contingent on the seller completing certain repairs or improvements before closing.
– Timing contingent: The sale is contingent on the seller being able to close the sale within a certain time period, such as 60 or 90 days.
By understanding common real estate contingencies and how they work, buyers can better assess which listings may be right for them and put in an offer that has a high chance of being accepted.