Your Las Vegas NV Area Home Search: What Does Contingent Offer or Pending Offer Mean?

Reblogger Kimberly Dearth
Real Estate Agent with RE/MAX CENTRAL

 

Original content by Renée Burrows B.1000860.LLC

Search Las Vegas - Henderson Area Homes For Sale

Searching Las Vegas - Henderson - North Las Vegas Homes For Sale:

When analyzing my keywords on my real estate blog on how people found me in the last month, I found this query:

GLVAR IDX Contingent Offer Definition

It is actually a good question for home searchers that are taking a peek at IDX sites, Realtor(dot)com, Home Buyer's Scouting Report, etc to help aid in their search for AVAILABLE Las Vegas Area Homes!

1)  Active-Exclusive Right:  Means the home is "available".  Available is relative these days with the lack of inventory (homes for sale) available in the MLS. 

Just because a home appears "available" doesn't necessarily mean it doesn't have offers on the property that the seller is considering.  Some asset managers for REO (Foreclosed) properties may take a while to make decisions on offers.  Some Short Sale List agents also incorrectly keep the property "active" when it has many offers on it while filling the short sale contingency.  This is what I call "MLS pollution" or "Background Noise".

2) Pending Offer:  Pending Offer means the house is in contract and all of the contingencies have been fulfilled and it should (in theory) be set to close soon.

3)  Contingent Offer:  Contingent offer means the house is in contract but it has contract contingencies that need to be met during the "due diligence phase".  Due diligence is a set time frame where contingencies need to be met.

Here is a sample list of typical contingencies:

  • Financing
  • Appraisal
  • Inspection(s)
  • Short Sale Approval
  • Certificate of Resale Approval (by NV Law, you have 5 days to read your HOA bylaws, ccrs, financials, etc and agree to them after receipt!)
  • Sale of a Home (this one is a little rare these days!!)

Best of luck with your Las Vegas Area home search!

 

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Topic:
Home Buying
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Nevada Clark County North Las Vegas
Tags:
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north las vegas area home search
what does contingent offer or pending offer mean

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