Answers by Celli Mellert

That is a great question! Generally when it says contingent or pending on some sites, it generally means that the seller has accepted an offer and is now under contract with that buyer. You are not necessarily out of the game at that point. Sometimes a seller is willing to accept a backup offer. If they do accept a backup offer and the primary contract with the original buyer falls out of contract, you would automatically be under contract and the home would not go back on the MLS and you would not have to compete for the home on the open market. Also, have your agent keep an eye on the property. It could fall out of contract for many reasons and you could possibly submit your offer then. I hope this helps!

Being in escrow means that you and the seller have mutually come to an agreement on price and terms and are now under contract. In North Carolina when there is earnest money involved, generally the closing attorney will hold that money until either you close on the property or if you terminate before 5:00 on your due diligence date and there are no issues that would keep the seller from releasing those funds back to you. The closing attorney will work with your lender and do title search during “escrow” to ensure clear title so you can close on the property. Hope this helps!