Answers by Paul Burrowes

A property listed as contingent means the seller has accepted an offer, but they’ve chosen to keep the listing active in case certain contingencies aren’t met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed. Contingencies are likewise available for a home buyer to include with their offer to purchase. For example, an inspection contingency calls for an inspector to evaluate the home’s condition. If the home inspection reveals plumbing, structural or other severe issues with the house, the buyer has an opportunity to negotiate repair costs or back out of the home sale. Other common contingencies include a mortgage or financing contingency and an appraisal contingency. A pending status indicates the seller and their agent are confident the sale has passed its major hurdles and is on its way to closing.