Zillow is a popular online real estate marketplace that provides information and listings for properties across the United States. It is a valuable resource for home buyers and sellers, offering a wealth of information about properties, neighborhoods, and the real estate market.
One term that you may come across when browsing listings on Zillow is “contingent.” Understanding what this means can be important in your home buying or selling journey.
When a property is listed as contingent on Zillow, it means that the seller has accepted an offer from a prospective buyer. However, there are certain contingencies or conditions that need to be met before the sale can be finalized. These contingencies could include things like a satisfactory home inspection, appraisal, or financing.
While a property is listed as contingent, it is still technically active on the market. This means that other potential buyers can still make an offer on the property, which could be considered as a backup offer in case the initial deal falls through.
Contingent listings on Zillow can be an opportunity for buyers. Even though you may not be able to purchase the house immediately, putting in an offer on a contingent property can put you in a favorable position if the initial deal does not go through. In such a situation, the seller may consider your offer as the next best option.
On the other hand, if you are a seller and your property is listed as contingent on Zillow, it is important to understand that the sale is not yet finalized. You will need to wait for the contingencies to be met before the sale can proceed. It is also worth noting that some buyers may be hesitant to make backup offers on a contingent property, as they may prefer to focus on listings that are not under contract.
It is important to keep in mind that the status of a property can change over time. If the contingencies are met successfully, the status will be updated to “pending” on Zillow. This means that the sale is being processed, and the property is no longer considered active on the market.
When browsing listings on Zillow, it is essential to understand the meaning of “contingent.” It signifies that the seller has accepted an offer, but certain conditions need to be met before the sale can proceed. It can be worth considering making a backup offer on a contingent property, as it puts you in a favorable position if the initial deal falls through. However, as a seller, it is important to be patient and wait for the contingencies to be met before considering the sale as finalized.
Is It Better To Be Contingent Or Pending?
When it comes to real estate listings, the terms “contingent” and “pending” have slightly different meanings. Let’s break it down:
1. Contingent: When a property is listed as contingent, it means that the seller has accepted an offer from a buyer, but there are specific conditions or contingencies that need to be fulfilled before the sale can be finalized. These contingencies could include things like the buyer obtaining financing, completing a home inspection, or selling their own property. The property remains active on the market because there is still a possibility that the sale may not go through if the contingencies are not met.
2. Pending: On the other hand, when a property is listed as pending, it means that all the contingencies have been satisfied and the sale is in the final stages of being processed. The buyer has fulfilled all the necessary requirements, and the seller is preparing to close the transaction. At this point, the property is no longer actively marketed or available for showings.
So, to answer the question of whether contingent or pending is better, it depends on your perspective. If you are a buyer, a property listed as contingent may still be worth considering if you believe you can meet the contingencies and are willing to wait. However, if you see a property listed as pending, it typically means that the sale is almost certain to go through, and you may have missed your chance to make an offer.
Being contingent means there are still conditions to be met, while being pending indicates that all contingencies have been satisfied and the sale is close to completion.
Is It Worth Looking At A House That Is Contingent?
It can be worth your time to consider a house that is already contingent. When a house is marked as contingent, it means that the seller has accepted an offer from a buyer, but there are still certain conditions that need to be met before the sale is finalized. While this may seem like a closed door, there are a few reasons why it’s worth exploring further:
1. First Position Advantage: By expressing your interest in a contingent property, you can put yourself in the first position should the current deal fall through. If the initial buyer is unable to meet the conditions or decides to back out, you will have the opportunity to step in and make an offer. This gives you an advantage over other potential buyers who may not have expressed their interest yet.
2. Familiarize Yourself with the Property: By visiting a contingent house, you can get a firsthand look at the property and assess its suitability for your needs. You can inspect the condition of the house, the neighborhood, and any other factors that are important to you. This will enable you to make a more informed decision if the opportunity arises to make an offer.
3. Understanding the Contingencies: Contingencies vary from one deal to another, and it’s important to understand the specific conditions that need to be met. By looking at a contingent house, you can gain insight into the potential stumbling blocks that the current buyer is facing. This knowledge can help you assess the likelihood of the deal falling through and determine if it’s worth pursuing.
4. Networking with Real Estate Agents: When you express interest in a contingent property, you establish a connection with the listing agent. This can be beneficial for future opportunities as they may inform you about similar properties that become available or provide insights into the local real estate market.
While there is no guarantee that a contingent house will become available, exploring such properties can provide you with valuable insights, put you in a favorable position if the deal falls through, and help you establish relationships with real estate professionals.
What Is The Difference Between Pending And Contingent On Zillow?
On Zillow, the terms “pending” and “contingent” are used to indicate different stages in the process of a property sale. When a property is listed as “contingent,” it means that the seller has accepted an offer from a prospective buyer. However, there are certain conditions or contingencies that need to be met before the sale can be finalized. These contingencies may include factors such as home inspections, loan approvals, or the sale of the buyer’s current property.
While a property is listed as contingent, the seller may choose to keep the listing active on Zillow to attract backup offers in case the initial deal falls through. This means that if the contingencies are not met, the property may become available again.
On the other hand, when a property is listed as “pending,” it means that all the contingencies have been successfully satisfied, and the sale is in the final stages. The buyer and seller have likely reached an agreement on all aspects of the transaction, and the necessary paperwork and processes are being completed. A pending property is no longer actively seeking offers, as the sale is being processed and is expected to be finalized soon.
The main difference between a property listed as contingent and one listed as pending on Zillow is that a contingent property still has certain conditions or contingencies to be met, while a pending property has successfully fulfilled all the necessary requirements for the sale to proceed.
How Do You Beat A Contingent Offer?
To beat a contingent offer, there are several strategies you can employ:
1. Offer a higher price: One way to stand out is by offering more money than the competing contingent offer. Sellers are often attracted to higher offers, especially if they are looking to sell quickly.
2. Provide a strong pre-approval letter: Obtain a pre-approval letter from your lender that demonstrates your financial readiness and ability to secure a mortgage. This can give sellers confidence in your ability to close the deal.
3. Minimize contingencies: Contingencies are conditions that must be met for the sale to proceed. By reducing or eliminating contingencies, such as financing and inspection contingencies, you can make your offer more appealing to sellers.
4. Be flexible with the closing timeline: Sellers may have specific preferences regarding when they want to close the sale. If you can accommodate their timeline, it can give you an advantage over other buyers.
5. Increase your earnest deposit: The earnest deposit is a sum of money you put down as a sign of good faith. A larger deposit can signal to the seller that you are committed and serious about buying their property.
6. Write a personal letter: Sometimes, adding a personal touch can make a difference. Write a heartfelt letter to the seller, expressing why you love their home and why you would be the ideal buyer. This can create an emotional connection and potentially sway the seller in your favor.
7. Offer an appraisal gap guarantee: An appraisal gap guarantee is a commitment to pay the difference between the appraised value of the home and your offer price. This can alleviate concerns for the seller and show that you are willing to pay more if needed.
Remember, it’s crucial to consult with your real estate agent and follow their advice based on the specific market conditions and the seller’s preferences.
Conclusion
Zillow is a valuable tool for both home buyers and sellers in the real estate market. Its user-friendly interface, extensive database of listings, and innovative features make it a go-to platform for many individuals looking to buy or sell a property. Zillow’s comprehensive search options, including filters for location, price range, and property type, allow users to quickly narrow down their options and find homes that meet their specific criteria.
For sellers, Zillow offers a platform to list their properties, reach a wide audience of potential buyers, and receive valuable insights and data on market trends and pricing. The ability to track views, saves, and inquiries on their listings helps sellers gauge interest and make informed decisions.
Zillow’s added features, such as the Zestimate tool that estimates a property’s value, the mortgage calculator, and the ability to connect with local real estate agents, further enhance the user experience and provide valuable resources for making informed decisions.
However, it is important to note that while Zillow is a useful tool, it should not be relied upon solely for accurate pricing or market information. Consulting with a real estate professional is still crucial for a comprehensive understanding of the market and making informed decisions.
Zillow has revolutionized the way people search for and list properties, providing a convenient and efficient platform for buyers and sellers in the real estate market. Its user-friendly interface, extensive database, and additional features make it a valuable resource in the industry.
