What is the difference between Pending and Contingent on the MLS?

Ronnie

TREF Member
Jun 17, 2012
22
10
3
Around the Triangle
#1
Does it make any difference if a house is Pending or Contingent on the MLS?
Both are under contract aren't they?
 

Mike Jaquish

Owner, Realty Arts
Staff member
Jun 6, 2012
26
23
3
Cary, North Carolina
RealtyArts.com
#3
Actually, under Triangle MLS rules, both "Contingent" and "Pending" indicate that the property is under contract.
"Contingent" means the property can still be shown to prospective buyers.
"Pending" means no showings are allowed.
 
Jun 25, 2012
15
8
3
Wake County NC
#4
Actually, under Triangle MLS rules, both "Contingent" and "Pending" indicate that the property is under contract.
"Contingent" means the property can still be shown to prospective buyers.
"Pending" means no showings are allowed.
Is that it? No other difference between Pending and contingent than showing?
I thought contingent meant the buyers had a house to sell.
 

adele

Knows the Ropes
Jun 9, 2012
48
18
8
Raleigh
#5
Is that it? No other difference between Pending and contingent than showing?
I thought contingent meant the buyers had a house to sell.
me too. my friends' home sale in Cary was contingent because their buyer had to sell their house.
 

Ronnie

TREF Member
Jun 17, 2012
22
10
3
Around the Triangle
#6
Actually, under Triangle MLS rules, both "Contingent" and "Pending" indicate that the property is under contract.
"Contingent" means the property can still be shown to prospective buyers.
"Pending" means no showings are allowed.
Do you ever show contingent homes? Do buyers still want to see contingent homes?
 

Mike Jaquish

Owner, Realty Arts
Staff member
Jun 6, 2012
26
23
3
Cary, North Carolina
RealtyArts.com
#7
Do you ever show contingent homes? Do buyers still want to see contingent homes?
Most buyers do not bother. The reason to see a Contingent home would be to make a back up offer, in case the contract in place would terminate for some reason.
But, most contracts end up in a sale, so a buyer should not be confident of getting a home with a back up contract.
 

Mike Jaquish

Owner, Realty Arts
Staff member
Jun 6, 2012
26
23
3
Cary, North Carolina
RealtyArts.com
#8
Is that it? No other difference between Pending and contingent than showing?
I thought contingent meant the buyers had a house to sell.
Any condition in the contract is some type of a contingency.
Buyer having a house to sell is one type of contingency. Buyer getting financing is another. That the property appraises for the purchase price or more is a common contingency. Acceptable home inspections and repair negotiations are contingencies. Survey, insurable and marketable title, ability to get homeowners' insurance, acceptable covenants and homeowners association are others.