As a copy editor with expertise in search engine optimization (SEO), I can tell you that understanding real estate jargon is crucial when it comes to writing content that will attract the right audience. One such phrase that often pops up in the real estate industry is “contingent active under contract.” So, what does it mean exactly?
When a property is labeled as “contingent active under contract,” it means that the seller has accepted an offer from a buyer, but that the sale is still subject to certain contingencies. These contingencies can include things like the buyer obtaining financing, an inspection of the property, or a review of the seller`s disclosures.
While the property is technically under contract, it`s not a done deal until all the contingencies have been met. During this time, the property is still considered to be on the market, but the likelihood of another offer being accepted is slim. This is why the listing will often be labeled as “contingent active under contract,” to let potential buyers know that while the property is still technically available, there is already a pending offer and the likelihood of another accepted offer is low.
It`s important to note that this is different from a property that is listed as simply “active under contract.” In that case, all contingencies have already been met, and the sale is in the final stages of being completed. The property is effectively off the market and is no longer available to potential buyers.
In today`s real estate market, where inventory is low and competition is high, it`s important for buyers and sellers alike to understand the various terms used to describe the status of a property. If you`re a seller, knowing the difference between “contingent active under contract” and “active under contract” can help you manage your expectations and understand when you can start packing your bags. If you`re a buyer, understanding what these terms mean can help you make informed decisions about which properties to pursue.
In conclusion, “contingent active under contract” is a term used in real estate to describe a property that has a pending offer, but one that is still subject to certain contingencies. While the property is still technically on the market, the likelihood of another accepted offer is low. Being aware of the different statuses of a property can help both buyers and sellers navigate the real estate market more effectively.
