What’s the Difference: Pending or Contingent?
Each home listing has a status that’s updated by information that the listing agent feeds into the multiple listing service (MLS). A home listed contingent or pending are under contract, but there’s still a chance for you to buy it.
Most purchase offers for the buyer to back out if they can’t get financing, the home doesn’t pass inspection, or the home price doesn’t 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 can’t 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 can’t perform.
Pending- short sale: the mortgage holder has been asked to take less money than the seller owes on their mortgage.
Your real estate agent 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.
If you’ve never been through the home-buying process, some of the terminology can seem a bit foreign. One of the many phrases you might come across is earnest money.
When making an offer on a home, it is often encouraged to include earnest money with that offer. Earnest money is a payment of 1-3% of the offer price that is intended to show the seller you are really interested in their property. The amount isn’t set in stone and it usually depends on the market. So how is that money used?
When you make it to closing, that earnest money will be directed towards any closing costs, down payments, or other items you would typically pay out of pocket. It is treated as a credit toward any expenses that come up in the process, and is in no way a bribe for the seller.
There are a few situations where your earnest money will be refunded if you don’t make it to close. This usually requires a stipulation or clause to be added to your offer, and those can vary. Financing not going through, the seller not being able to close, and an unacceptable home inspection are all reasons that if you are protected in your contract, you should receive your earnest money back. If you do decide to back out of the contract with no real reason other than changing your mind, the seller may be able to keep it.
While it might be your goal to keep your home show-ready at all times, that isn’t always possible. It is completely normal to have a home that feels lived in - especially if you are living in it! This isn’t a major issue,
but something to be aware of if you are getting ready to list your home.
If your house is already for sale, you may have already experienced the stress of last minute showings. Of course you want your home to appeal to a potential buyer, but you also want to be able to maintain some normalcy while you are still living at home. Here are some tips to help you show your home in a way that potential buyers will love and you can actually manage!
Create an easy maintenance cleaning schedule for each member of your household. Rather than having to worry about cleaning the entire house all at once, this allows you to maintain order and cleanliness - making show-ready living easy to achieve!
Decide On The Necessities
Once you decide to put your home up for sale, you should do a walk-through of your entire house. Decide what items you’ll need and use while your home is on the market, and start to make a packing plan for the rest. If you have the room, store items in-house, or consider renting a storage unit. Either way, you will have much less to worry about packing when it is time to move!
Quick Fix Containers
Thankfully, decorative baskets and bins of all sorts are all the rage right now. If you don’t already use containers to organize and store toys, clothes, shoes, or other items - now is the best time to start! You will then be able to toss those items quickly into their storage space before a showing.
I'M MOST OFTEN REFERRED TO AS MOM. I'M KNOWN FOR WEARING A MILLION DIFFERENT HATS. SOME I LOVE, SOME I TOLERATE, SOME I EXCEL AT, AND SOME I DOWNRIGHT STRUGGLE WITH. I'M GOOD AT DOING WHAT I DON’T WANT TO DO, WHEN I DON’T WANT TO DO IT. I'M AMAZING AT SHOWING UP FOR OTHERS, OFTEN AT MY OWN EXPENSE. I'M A MARKETING NINJA, CONVINCING MY KIDS TO DO THEIR HOMEWORK, TAKE A BATH AND BE KIND TO OTHERS. I CAN OUT-NEGOTIATE THE TOUGHEST 3-YEAR-OLD AND MY EMOTIONAL INTELLIGENCE IS OFF THE CHARTS.…..AND THEN THERE IS ME. THAT OTHER GIRL IN THERE. I THINK A LOT OF MOMS CAN RELATE TO THIS.
Remember this: you are your family’s BIGGEST asset, invest heavily in that asset and the worth will begin to grow. Your happiness is the very best thing you have to offer your children. Nurture it. Take care of it. Then surround your family with it.
1. Add some character and add texture to your walls with peel-and-stick wall panels.
2. Create a charming accent wall with peel-and-stick paper.
3. Upgrade your countertops to faux granite with a DIY paint kit instead of spending a fortune to replace it.
4. Reseal all those cracks in your tub and tile with caulking and make your bathroom look new again.
5. Update recess lighting without doing any electrical work with magnetic shades.
6. Install crown molding to help make your home look historic and charming.
7. Adding a fresh coat of paint to get that pop of color (or get rid of it) will give your home a touch-up without costing you a fortune.
8. Get the stainless-steel appliances you've always wanted at a fraction of the price with paint.
9. Add privacy and a touch of elegance, and make your windows look super expensive, with with "leaded-glass" film.
10. Paint your cabinets to give your kitchen that just-remodeled feeling for pennies versus what it would cost to replace them.