Thursday, June 09, 2005

What Does a Status of Contingent Mean on the MLS?

Since virtually anyone can access information on the MLS these days, you may wonder what it means when you see a status of contingent on a listing. This means that the seller has accepted an offer from a buyer that has to sell their property before proceeding on the purchase of this property. There are other contingencies that can be written in to offers, however, this is the only contingency that allows a seller's agent to list it on the MLS as contingent.

When you see a contingent status, you can still view the property and make offers on the property. If the seller wants to take your offer they will need to give their current buyer notice. Typically, there will be a release clause in the original contract that allows the seller to give the buyer 72 hours (the time frames can vary) to release their contingency, or cancel the contract. If the current buyer doesn't release the contingency to sell their home within the specified time frame, the seller can issue a cancellation of the contract and move on to the new buyer.

www.HopeGoss.com

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