My offer is contingent. Do I still have to mark my property as pending?
Yes. When an offer is contingent, it means that there are certain conditions that need to be met before the sale can be finalized. In such cases, the status of the offer should be updated to "Contingent" to reflect the current state of the transaction. Additionally, when the contingency is ending on a particular date, it is important to update the status to "Pending" to reflect that the transaction is moving towards completion.
When making an offer on a property with a contingency, it's important to inform the Listing Agent about the contingency. The Agent's team will update the status to Pending. It's vital to update the status within the timeframe specified by the MLS to avoid any potential violations. If the status is not updated within this timeframe, it could result in penalties or other consequences. Therefore, it's crucial to ensure that the status is updated promptly to avoid any issue.