Like most industries, the world of real estate has a language all its own. Sometimes the terms used can be confusing, especially for first-time homebuyers. If you find a house for sale with a status listed as “sale pending,” “contingent,” or “under contract,” what does that mean, exactly? Is the house off the market, or can you still take a tour or make an offer?
In most markets around the country, all three of those examples are actually variations on the same concept, although there can be a few subtle differences. These differences can depend on the region, so it’s best to ask a local real estate agent if you are unsure. In the St. Louis area Berkshire Hathaway HomeServices Select Properties can shed light on these questions about the home buying process.
Let’s look at these and other common real estate terms and what they mean when it comes to the availability of a house for sale.