What does “Contingent” mean in California Real Estate?
On our Southern California real estate website, RedWagonTeam.com, our multiple listing service (MLS), does not use the word contingent as a status.
You are more likely to see the word “contingent” in the property description of a listing. The description might say that the sale of a home or condo is contingent on the seller finding a replacement property.
That would mean that if you made an offer and the sale of the house is contingent upon the seller finding a replacement property, you would have to give them time to do so. How much time? That’s negotiable during the offer and counteroffer phase.
Instead of Contingent as a Property Status, You will see:
Active – currently for sale and open to reasonable offers
Backup – the sellers accepted an offer and will take backup offers in case the current offer cancels the purchase. Or they accepted an offer from a buyer who had to sell their current property in order to buy. Depending on the type of
Pending – this tends to mean that the buyer has completed all home inspections, the appraisal for a loan, and has reviewed property disclosures from the seller.
Sold – means the property has successfully closed escrow.
[callout]Most of the listings that you see on my website are Active or in Backup status. My happy visitors like yourself asked me to remove pending and sold properties so they can focus on what is currently for sale. That’s what I did.[/callout]
Learn about other California real estate glossary terms.