Priority 1 Lending: Distinguishing Between Active, Contingent, and Pending Home ListingsVerify my mortgage eligibility (Dec 9th, 2023)
As you delve into the real estate market with Priority 1 Lending, you’ll encounter various terms that describe the status of a home listing. Understanding these terms - active, contingent, and pending - is crucial to navigate the market effectively. Let’s unpack these terms and discuss how each status could impact your home buying process.
Unraveling the Concept of an Active Listing
An active listing is a property currently on the market and available for purchase. It’s essentially an open invitation for prospective buyers to submit offers. As a buyer, you have the freedom to view the property, negotiate terms, and if it aligns with your requirements and budget, make an offer.Verify my mortgage eligibility (Dec 9th, 2023)
Deciphering a Contingent Listing
When a property is listed as contingent, it signifies that the seller has accepted an offer, but the completion of the sale is dependent on certain conditions or contingencies being met. These conditions often relate to aspects like home inspections, appraisals, mortgage approval, or the sale of the buyer’s current home.
Even when a home is contingent, it may still be possible for other interested buyers to view the property and submit a backup offer. If the primary deal falls through due to the contingencies not being met, the seller may consider these backup offers.
Understanding a Pending ListingVerify my mortgage eligibility (Dec 9th, 2023)
A pending listing means the seller has accepted an offer, and all contingencies have been satisfactorily addressed or waived. At this stage, the sale is in its final phase before closing, and the likelihood of the deal falling through is minimal. Typically, sellers won’t accept new offers when a home is in pending status.
How Priority 1 Lending Assists in Your Home Search Journey
Understanding these different statuses can help you focus your home search and strategize effectively. Here’s where Priority 1 Lending steps in. We are dedicated to educating our clients on all aspects of the home buying process, ensuring you’re well-prepared and informed as you navigate the market.Verify my mortgage eligibility (Dec 9th, 2023)
Priority 1 Lending’s experts will guide you on how to approach each type of listing and will provide invaluable insights into the negotiation process. For instance, with contingent listings, we can assist you in understanding the specific contingencies involved and assess whether it’s worth submitting a backup offer.
Knowledge is power in the real estate world, and understanding the nuances of listing statuses can give you a significant advantage in your home buying journey. By demystifying these terms, we hope to enhance your confidence and proficiency in navigating the real estate market.
Priority 1 Lending is committed to standing by your side through every step of the process. We offer not just financial solutions but also the necessary knowledge and guidance, turning the complex process of buying a home into a smooth and rewarding experience. Whether you’re eyeing an active, contingent, or pending listing, we’re here to help you make your dream of homeownership a reality.Show me today's rates (Dec 9th, 2023)