Answers by Debra Hall

A home with a "contingent" status means there are pending conditions that need to be satisifed. Until those conditions are cleared, the home is not completely off the market. Generally, these contingent conditions have timeframes to be resolved. For example, common contingencies include a home inspection, which normally occurs within 3-7 days after an offer has been accepted, then there is 2-3 days to negotiate repairs. Financing/appraisal contingencies are generally 21 days, so buyer has to get financing approved during that time frame, as well as the appraisal. If the home is in an HOA or if its a Condo, there is an HOA docs contingency, which gives the buyer a time period to review the docs. There are other contingencies, but these are common. If any contingency is not satisfied during the stated timeframe, the sales contract can be voided and the home (if the seller chooses) can return to active status to accept new offers. Until a house is in a "closed" status, you have a chance.