Some Contingent Sales Are Actually Pending

The general word on contingent sales has been that they are short-sale deals that most likely won’t close. But I didn’t realize until recently how many of the contingent sales are not really contingent at all. I recently went into contract on an underpriced condominium. My offer was an all-cash, close in two weeks offer. The seller was the bank, who approved the offer. You don’t get much more non-contingent than that. But the unit is now listed as C instead of P. I’m not actually an agent, so for all I know that’s how it’s supposed to be listed. The point is that that is one C that is definitely going to close. That’s reassuring.

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One Response to Some Contingent Sales Are Actually Pending

  1. ShortWoman says:

    There are lots of situations that are contingent: waiting on the final loan approval; inspection period; inspection of HOA docs; waiting on sale of current home (yeah right, not in this market but still theoretically possible); even appraisal might be a contingency. Since most of these contingencies will clear, I consider “contingent” to mean “don’t take your clients to see it”.

    Of course, some agents don’t understand the difference between contengent and pending, too.

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