We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies.More info
New View RealtyNew View Realty
Call Us:

828-817-0942

Message Us:

[email protected]

  • Meet the Team
  • Client Success Stories
  • Schedule a Call
  • Read Our Blog
  • Our Seller Services
  • Get Your Home's Value
  • Our Buyer Services
  • Our Active Inventory
  • Search for Homes
  • Mortgage Calculator
    • Call Us:

      828-817-0942

    • Message Us:

      [email protected]

    Featured Image

    3 Key Real Estate Contract Terms Defined: Contingent vs. Under Contract vs. Pending

    Think back to the last time you were searching for homes... If you're actively working to find a home, that may have been...

    • Kathy Toomey
    • June 1st, 2021
    • 3 min read

    Think back to the last time you were searching for homes... If you're actively working to find a home, that may have been just a few minutes ago. 

    Chances are you saw terms while searching that you may or may not know the true meaning of. This can be frustrating, especially if you've found a home that you love that has been marked "under contract."

    Similarly, if you're thinking about selling your home, you may be wondering what the different stages of the process are once you've accepted an offer but before you've handed over the keys. 

    This blog post will peel back the curtain on 3 key real estate terms so that you know exactly what you're looking at while buying or selling.

    Under Contract

    A home is considered under contract when the buyer submitted an offer to buy the property and the seller has accepted the offer. This means that both parties have committed themselves to proceed with the transaction, and it will proceed once any contingencies are met or waived by either party.

    If a property is under contract, there is a chance that the deal can fall through due to unforeseen circumstances. In some cases, you may still be able to still make an offer on a property listed as under contract. 

    Contingent

    Once your home is under contract, but some contingencies need to be met, your property is considered contingent. A contingent contract means that some condition hasn't yet been met, and both parties have not agreed to move forward with executing the deal as planned. This could be because of financing, inspection reports coming back unacceptably high, or if the offer depends on the buyer selling their home or the seller buying a new one. Once those problems are addressed, the deal can continue as planned. A contingency is anything that needs to happen before the deal can actually take place.

    If you're selling your home, setting contingencies protects you if something comes up with either buying another property or finding an acceptable offer from someone who wants to buy yours. Setting these conditions makes sure everything goes as planned before entering escrow.

    Pending

    Now that the seller and the buyer have agreed to each other's terms and all contingencies have been met, the home is marked as pending and taken off the market. The deal hasn't closed yet, but being in the pending stage is the finish line of the deal. 

    While there is a chance that a property with the pending status can return to the market due to an inspection, appraisal, or financing issue, the chances are lower at this stage. 

    It doesn't have to be confusing

    If you're thinking about selling your home but are unsure of the process, we can help simplify and answer questions.

    Let's Chat

    We have you covered

    Our goal is to make the process of selling your home as easy as possible. We'd love to show you how.

    Click Here

    Author Photo
    About the author

    Kathy Toomey

    828-817-0942
    • facebook
    • instagram
    • linkedin
    • youtube

    Similar posts like this

    The Truth About Price Reductions: When (and When Not) to Lower Your Price in Western North Carolina

    Before you cut your list price, here’s what you need to know. Learn when a price reduction helps your sale—and when it c...
    Read more

    Adaptable Homes: Designing for Multi-Functionality in Every Room in Western North Carolina

    Read more

    House Hunting Fatigue? Here’s How to Stay Focused in Western North Carolina and Upstate South Carolina

    Feeling overwhelmed by your home search? Discover 7 smart strategies to stay focused, avoid house hunting fatigue, and f...
    Read more
    New View Realty

    “Committed to Your Success!”

    New View Realty LLC

    285 N Trade St. Tryon, NC 28782

    285 N Trade St. Tryon, NC 28782

    Call Us:

    828-817-0942

    Message Us:

    [email protected]

    Footer Links

    • Meet Our Team
    • Client Success Stories
    • Schedule a Call
    • Our Seller Services
    • Get Your Home's Value
    • Our Buyer Services
    • Our Active Inventory
    • Search for Homes
    Privacy Policy

    New View Realty LLC © 2025

    Powered by