| active contingent means |
This, of course, leads us to the big question: Should a buyer put in an offer on a property whose status is active contingent or pending? Often, your real estate agent can review the MLS and help you decide on the best move.
Putting in an offer on an active contingent listing
It's important to not get your hopes up too high—because a contingent listing is, in fact, likely to sell. It doesn't mean, however, that you can't test the waters when making an offer on the property.
Brendan O'Donnell, a real estate agent with Center Coast Realty in Chicago, advises buyers to submit an offer to the seller, unless the seller's real estate agents explicitly say they aren't showing the property anymore.
"If a seller knows they have an attractive backup offer, they might be more willing to let that first deal fall by the wayside if something comes up during the contingency period—and go with the second buyer," says O'Donnell.
When a property is labeled contingent, the key, he says, is to make the backup offer to the seller as attractive as possible.
“Submitting a fair price, waiving contingencies, agreeing to buy as is, and showcasing a solid, local lender go a long way in showing you are committed and are a worthy buyer,” he says.
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