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A Contingent Vs A Pending Home: Here's The Major Difference
When it comes to real estate lingo, the terms contingency and pending homes refer to homes where the deal is in the process but hasn’t yet been completed for one reason or another.
With a contingent offer, either the seller or the buyer can place conditions before moving forward with the sale, and the final decision is based on those conditions being met.
There are two types of contingency offers: a continue-to-show to other buyers and a complete no-show. In both cases, the deal is flexible, and either party can still back out.
On the other hand, a pending offer denotes that all conditions have been met, and there is an agreement to move forward with the sale since both the seller and buyer are satisfied.
Even in this case, the seller might make the home a no-show or take backup offers, although it's less flexible for either party to back out, and the deal is likely to go through.