What is the Difference Between a "Pending Offer" & "Contingent Offer"
With the Las Vegas Residential Real Estate market bearing tight inventory and buyers all around us, searching IDX sites for Las Vegas Area Homes for Sale has become common ground in the current environment.
Buyers feel slighted and think we are hiding inventory so they have a need to go behind our backs and try to find the holy grail.
Unfortunately on many popular home search and IDX sites, inventory that is "under contract" is not hidden. It is still there with small words to give status updates.
For the Las Vegas market those words are "contingent offer" and "pending offer". Buyers often ask me: How can I tell the difference between available inventory and what is the difference between pending and contingent.
EASY! The above photo is a snippet of the differences in status!
1) Active-Exclusive Right
Means as of right now, the property is available and "active" in the MLS. It could have offers on it and that is why you employ a professional when you are searching, so if you are interested we can make some phone calls and find out for you.
2) Contingent Offer
A Contingent offer means that the property is in contract, in escrow and soon to close. HOWEVER, some contingencies must be fulfilled and the buyer is within their due diligence period to fulfill those contingencies. Some typical contingencies are:
- Short Sale Approval
- Financing
- Appraisal
- Inspections
- Etc (there are more but these are the common ones these days)
3) Pending Offer
A Pending Offer means the property is in contract, in escrow and soon to close. The due diligence time frame has expired and all contingencies have been met and are satisfactory.
