what is the difference between pending and contingent
When a listing has changed status to âpendingâ, 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.
Once a purchase contract has been submitted by a buyer and signed by the seller, it is considered a binding contract. The next step is where the different MLS organizations vary. On a fair market sale, the word contingent means an offer has been accepted and the sale has entered the contingency period. In California, buyers and sellers of fair market properties have 17 days to clear all contingencies, including financing commitments, inspections and disclosures.