Contingent listings are a huge part of the housing market. They provide a low risk to sellers and allow buyers to find homes that may have been previously unlisted for other reasons. In this blog post, we will talk about how contingent listings work in the MLS system and which status means what in regard to houses being listed on the market. By understanding these concepts, you can be better prepared when searching for your next home!
A contingent house listing means that an offer on a new home has been made and the seller has accepted it, but before the final sale can advance, some criteria need to be met. These contingencies are clauses in the sales contract which deal with matters such as appraisal, home inspection, and mortgage approval.
When a house is listed for sale, the property information gets uploaded to the Multiple Listing Service (MLS). The MLS is a real estate marketing and advertising company that helps buyers look for a home listed for sale online. The MLS might use different terminology when describing contingent statuses. These statuses include:
Buying a home can be one of the most important financial decisions you make in your lifetime. Whether it is for yourself or as an investment, understanding how MLS listings work and what the different contingency statuses mean in relation to buying a house will help you explore this process with more confidence. If you are considering purchasing property, contact us today!