call it what you will—jargon, shorthand, lingo—but every industry, including the real estate world, has its own language, a collection of terms that are essential to understand if you hope to play ball. and the real estate business is no different. that’s why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. this means that a property is currently on the market and available for sale. this means that even though there’s an accepted offer on the home, the seller is looking for backup offers in case the primary buyer falls through. the seller has an agreed-upon contract with the potential buyer. but the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the deal can close. sometimes a property will continue to be shown when it is contingent, and the seller may entertain a backup offer.
so if the home in question is your dream home, it may be worth offering up a deal that the seller can’t refuse. this is the escrow period, when both buyer and seller are working toward a closing. if your offer is accepted as a backup, you’re in line to go under contract if the first sale falls through. the seller has an accepted offer but is waiting to see if the buyer’s bank will agree to it, says realtor dawn rivera with realty world-viking realty in fremont, ca. a property that has come back on the market after a pending sale. that could mean the seller is still open to accepting an offer, so it’s worth touching base if your curiosity is piqued. the owner has removed the property from the listings for an undetermined period, usually because work is being done on the house or because the home cannot be shown. a property was withdrawn from the realty market. so if you adore what you see in the listing, it certainly can’t hurt to inquire.
what’s the difference between a listing that says ‘contingent’ as opposed to ‘pending’ or ‘under contract?’ this is one of the most frequently asked questions we get from real estate buyers. you may see terms online or even on real estate signs that say ‘sale pending’, ‘under contract’, or ‘backups requested.’ all of these terms mean that the listing is ‘under contract’ with a buyer. if you’re interested in a home for sale that is under contract, you may want to inquire whether or not the buyer is still in due diligence.
it simply means that the property is under contract with a buyer. on our site, they still show up as ‘pending.’ our site considers a ‘no show’ listing to be ‘pending.’ if the mls information was ‘under contract – show’, our website would show it as ‘active under contract.’ regardless, if the purchase contract on this home falls through, it will revert to ‘active’ status and will come back on the market and back on all real estate websites. if the seller has a strong backup contract in place, they may be less willing to re-negotiate repairs and other terms with the primary buyer. on the other hand, we may discover that the contract is heading to closing in the next few days, and you would be better off focusing your energy and emotions on a different home.
when a real estate listing says “under contract,” it means a buyer made an offer and the seller accepted. but you might still have a chance. this means that a property is currently on the market and available for sale. it may have received offers, but none have yet been accepted, “under contract” is one of them, which is exactly what it sounds like: a prospective seller and a buyer have entered into a process where they’, .
‘under contract’ is probably the most accurate way to describe a pending or ‘contingent’ sale. it means the same as the other statuses above; a under contract means that a seller has accepted an offer on the property, but the sale is not final until all contingencies are met. it “’under contract’ is more or less a meeting of the minds. the buyer and seller have agreed to the terms of the contract, such as the price,, .
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