A property is considered pending when an offer has been made and accepted. The buyer makes an offer, the seller accepts that offer, and then both parties enter into a contract to sell the house at that price.
In this case, the buyer does not have to get financing for the house; it's contingent on his ability to buy and close on it (i.e., getting all of his paperwork in order). If he cannot get financing and close on time, then he will not be able to buy your home and you'll remain on your current timeline with no changes required from either party involved.
If at any point during these negotiations between potential buyers/sellers one party decides they'd rather not go through with this transaction anymore - whether due to changes in circumstances or general disagreement over price - then they can rescind their original agreement with "no harm done" thanks to our contingency clause which protects both parties throughout this process.
A pending sale typically involves contingencies—things that need to happen for the sale to move forward
Pending status means that the transaction is moving forward but with a contingency in place—a condition that must be satisfied for the sale to move forward.
For example, if you're buying a home and your current home hasn't yet gone through escrow, then your buying contract will likely have a pending status because there is still work to do before it can close.
If your loan has been approved and you've met all other requirements for purchasing the property, then you can expect to move forward without any contingencies holding up the process.
Contingencies protect the buyer by requiring that certain conditions be met before the buyer is obligated to buy the property
A contingency is an action that must be completed before the transaction can close. These terms are defined in the contract and protect the buyer by requiring that certain conditions be met before he or she is obligated to buy the property. For example, if a house inspection reveals structural damage, then this could trigger a contingency clause. The seller may agree to reduce his price by $5,000 (or some other amount) if this contingency is triggered. If not met, however, the buyer does not have any obligation whatsoever—he can walk away from the deal without having to pay anything.
Contingent status means the transaction is moving forward but with a contingency in place, such as the buyer's current home having to go through escrow, or the buyer obtaining financing
In the context of real estate, a contingency is something that must happen before a transaction can proceed. Contingencies generally serve to protect both parties involved in a contract: buyers and sellers enjoy the assurance that their deal will go through if certain conditions are met, while sellers are protected from losing money on an unsold property.
Contingent status means that your loan has been approved but with one or more contingencies attached. The seller may insist on waiting until escrow closes before they sign off on your offer; likewise, you might ask for more time to get financing or come up with extra funds for down payment/closing costs. Either way, these contingencies should be cleared before you move into your new home!
Contingent properties are still available, but other buyers should be aware that there are foreseeable obstacles that may result in the sale not going through due to the seller receiving an offer without those specific contingencies
• Contingencies are a normal part of the home buying process. It doesn't mean you won't get the house if there are contingencies, but it does protect both parties so that they don't end up in an uncomfortable situation.
• Some examples of contingencies include: financing contingencies, inspection and appraisal contingencies, tax assessment or tax reassessment contingencies, environmental issues (like mold), title problems (such as liens on the property), and zoning issues.
• If things change for you between signing a contract with a seller and closing on your loan or deed—for example, if your credit score improves—you have the right to remove one or more of these conditions from your offer without affecting its status as "pending." This means that if any of these conditions have been met prior to removing them from your offer (for example, having your loan approved), they can still be removed without affecting whether or not it is considered "pending."
Contingencies are a normal part of buying a home but it doesn't mean you won't get the house.
Let's start with the good news: contingencies are a normal part of buying a home. In fact, they're a good thing because they protect the buyer and help both parties know what the next step will be if something goes wrong. Contingencies can be deal makers or they can be deal breakers. It all comes down to how well you understand them and how much control you have over them.
So what exactly is a contingency? It's basically an agreement that puts time limits on specific conditions that must happen before a deal will go through - like having enough money saved up for your down payment or selling your current home first. If those conditions aren't met by the deadline specified in your contract, then the sale doesn't happen at all!
Conclusion
Remember that buying a home is a process that takes time. The seller will work with you through the contingencies and help make sure everything goes smoothly. If you have questions about your pending sale, don't hesitate to reach out for more information!
