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2B is correct that each MLS has different terminology and procedures. However, generally, "pending" means that the home is in escrow awaiting final closing (moves to sold status).
"Contingent" means that there is something that the buyer needs to have happen before they can close on the purchase. Usually, they have a home to sell first. It may also mean they need short sale approval from the seller's bank. (my MLS has variations of a contingent status - AWC, AWC-I, AWC-0)
"Kickout" means that the buyer's contingent offer can be canceled if another better offer comes along, perhaps giving the first buyer a chance to modify their offer. (note - my MLS does not have an official status for "kickout")
Again, as noted, different MLS's may have different interpretations for these terms, or not use them at all.
Pending means working on an offer, but no contract yet.
We do not have an official Contingent/kickout term.
Contingent - we don't have that either. Our contracts have 7 standard contingencies, there are more if the transaction needs, but they need to be specific to that transaction.
So, sorry I nicely responded to you that it depends and you were kind of snarky in return. Don't worry, you are now on my ignored list.
Contingent in my MLS means there is an accepted offer that has normal contingencies (home inspection, appraisal, etc)
Pending means we are past appraisals and just waiting to close
Kickout is probably similar to our ROR status, which is Right of First Refusal which means that a house has an offer on it that is contingent on the sale of a home. If a buyer comes along with a non-home sale contingent offer, they can kickout the previous offer if the seller so chooses.
What that particular MLS definitions are depends on that MLS.
"Contingent." The house is under contract. A mandatory status.
"Pending." The house is under contract. An optional status....
Interesting, pretty much the opposite of AZ's MLS definitions. The house must be placed in pending status once a non-contingent offer is accepted (under contract), or a contingency is settled. There can be a few different contingency status indicators depending on the situation:
AWC: Active with Contingency (seller wants to continue marketing property, otherwise must go to pending status)
AWC-C: Contingent on buyer selling home
AWC-I: Seller Instructions (usually indicates seller is taking backup offers, normally used with short sales)
AWC-O: Option to purchase
Interesting, pretty much the opposite of AZ's MLS definitions. The house must be placed in pending status once a non-contingent offer is accepted (under contract), or a contingency is settled. There can be a few different contingency status indicators depending on the situation:
AWC: Active with Contingency (seller wants to continue marketing property, otherwise must go to pending status)
AWC-C: Contingent on buyer selling home
AWC-I: Seller Instructions (usually indicates seller is taking backup offers, normally used with short sales)
AWC-O: Option to purchase
We have no kickout type status indicator.
Always interesting to compare notes on this stuff.....
At minimum, we MUST show "Contingent" if there is a contract in place. It would mean that the seller will allow showings, and would accept backup offers.
All possible contingencies fall under one status, "Contingent." We must note if there is a "Contingent Sale Addendum" in place, i.e., if the buyer has to sell a home to close. But, as of 2011, standard NCAR forms do not offer any kickout clause for another offer.
"Pending" indicates no more showings. We can take a listing under contract straight to "Pending" and cut off showings.
I go straight from "Contingent" to "Closed."
I never take a listing to "Pending" unless the seller wants no more showings. It is always the seller's decision.
A buyer may try to negotiate a change of status to "Pending," to reduce chances of competition.
Last edited by MikeJaquish; 05-10-2011 at 10:06 PM..
Pending - under contract, moving towards the close
Pending Bring Backup - under contract but taking backup offers since there are so many pending sales that don't close these days.
Short Sale Contingent - seller has accepted a buyers offer, but the bank has not yet given approval for the short sale. The listing is still considered active at this point. The bank can choose to continue receiving offers and pick which they want to accept, if any. It moves to Pending after the approval is given and signed by all parties.
Court Contingent - similar to above but waiting on court approval for the sale.
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