Contingencies

Let's talk about contingencies! What the heck is a contingency? What's the difference between pending versus contingent versus backups, what is all that about when you see that on Zillow and Redfin and all those different sites? Let's talk about it. So there's two different categories, contingencies are basically things that have to cleared before we're ready to close, so whether that's financing, inspections, maybe it's the appraisal, depending on what has to happen, those are all called contingencies, so when you see something in Zillow or Redfin or what have you that's marked contingent, that means that there's still things that have to process through until we're ready to close versus a lender or anything of the sorts, appraisals, surveys, all that good stuff. Now when you see that it's just marked pending, that's supposed to mean it's a cash deal and there shouldn't be any contingencies on it, that just means we're waiting for the title company to get the title work done. Now we're ready to close.