One of the biggest goals on most people’s life checklist is to buy a home. Whether you’re buying for the first time or changing locations, understanding the real estate process and your role as a buyer is important. At The Jana Caudill Team, we often get questions from clients about the difference between a contingent and a pending offer, and how a contingent or pending status could impact their ability to make an offer or have peace of mind that the deal is locked in. Here’s what you should know about the difference—to learn more, contact our Northwest Indiana realtors directly.

Once an offer—also called a purchase agreement or buy/sell agreement—has been accepted by a seller, then a home’s status will either be changed to “contingent” or pending.”

Contingent offers. A contingent offer means that the seller has indeed accepted the buyer’s offer; however, the listing will still be listed as “active” in the event that the buyer doesn’t satisfy any contingencies listed in the contract. For example, financing contingencies are very common—if a buyer isn’t able to secure financing within a certain amount of time, the seller may have the right to accept offers from other buyers.

Pending offers. When a home’s status is listed as “pending,” on the other hand, the contingent conditions were satisfied and now the sale of the home is being processed. It is rare for a home that is in the pending stage to be put back on the market.

In either of the above cases, the seller may still be accepting backup offers.

How Working with a Realtor Can Help During the Offer Process

As a buyer, it can be confusing to understand your rights, as well as how to maximize your interests and make a competitive offer. When you work with an experienced realtor from The Jana Caudill Team, our realtor will help you to understand market conditions and home pricing, what contingencies are reasonable and which should be avoided, the best terms of a contract, and more. Your realtor will represent you every step of the way and advocate for your best interests.

Reach Out to The Jana Caudill Team Today

At The Jana Caudill Team, we’re excited to work with new clients looking for their dream homes in Northwest Indiana. To learn more about our realtors and our services for buyers and sellers, please reach out to us directly today. We are a top-selling firm with a reputation you can trust.