Each home listing has a status which is updated by information the listing agent feeds into the multiple listing service (MLS). A home listed contingent or pending is under contract, but there is still a chance for you to buy it.

Most purchase offers for the buyer to back out if they cannot get financing, the home does not pass inspection, or the home price does not meet appraisal. In some cases, the listing agent will update the listing with showing instructions such as:

• Contingent – continue to show (CCS): the seller wants to pivot to a backup offer if the buyer cannot perform.
• Contingent – no show: the seller believes the buyer will have no problem removing the contingency.
• Contingent – with kick out: the buyer has a limited time to remove the contingency or risk the contract being voided.
• Contingent – probate: a deceased homeowner’s assets are going through the probate process, so the home may not be available for purchase for some time.

When a listing is pending, the contract is closer to closing, but there are exceptions:

• Pending- taking backups: the seller is accepting backup offers in case the buyer cannot perform.
• Pending- short sale: the mortgage holder has been asked to take less money than the seller owes on their mortgage.

We can advise you about your chances. In a hot market with low inventory, shopping contingent or pending homes could be a great way to make offers with less competition.