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Why listings may be labeled as pending or contingent

On Behalf of | May 12, 2020 | Real Estate |

There are often steps that must be taken between the time a purchase offer is accepted and a home sale officially closes. This is why buyers may see the words contingent or pending next to available listings. Typically, purchase offers in Mississippi and elsewhere will contain home inspection, mortgage or other contingencies. A home sale could also be contingent on a buyer being able to sell his or her current house.

During the contingency phase, a home listing is still considered to be active. Therefore, in some cases, sellers may advertise the fact that they are still taking offers on their properties. When the contingencies have been met, the deal is said to have moved into the pending phase. At this point, the seller could decide to take additional offers depending on how confident he or she is that the deal will be finalized in a timely manner.

However, if the sale is considered to be essentially closed, the seller will acknowledge this in a listing. If the sale has been pending for more than four months, a listing may provide the projected closing date. It is important to note that a buyer will need to put down earnest money and pay other refundable fees when making an offer on a home that may be sold to another party.

Those who are looking to make an offer on a home may want to do so with the help of a real estate law attorney. He or she may help to ensure that the terms of the deal are in a person’s best interest. An attorney may also be able to help resolve issues that arise after the offer has been made or accepted. This may make it easier to close a deal in a timely manner.