If you have been searching for homes, you have likely seen the status for listings change from active to pending or contingent. Both pending and contingent mean the seller has accepted an offer from a prospective buyer. However, that is where the similarities end. So, what’s the difference between contingent and pending?
As a real estate agent practicing in San Diego, I am going to speak to pending and contingent per Sandicor’s rules and regulations. Sandicor is the San Diego County multiple listing service (MLS). Here is how Sandicor defines them:
When a listing has changed status to “contingent”, an offer has been accepted with any one or a combination of circumstances listed below are in effect:
- Offer accepted contingent on court approval
- Offer accepted pending lender approval of Short Sale
- Offer(s) submitted awaiting lender approval of Short Sale
- Offer(s) submitted awaiting REO approval
- Offer accepted with 72 hour first right of refusal Offers submitted to parties other than the seller as described in (c) and (d) are under review and are not considered accepted offers.
When a listing has changed status to “pending”, the seller has accepted an offer. This is an off-market status.
Pending listings are much more common than contingent listings, since it just means the seller and buyer have agreed to the initial terms in the residential purchase agreement.