South Walton Hotsheet - Sales, Price Changes, Sold property on 30A this week.

**Cork On the Ocean** · 05-04-2011, 05:00 PM

South Walton Hotsheet week ending 5/3/11
http://www.uniquepanhandleproperties...owal5-3-11.pdf

**30ashopper** · 05-04-2011, 05:23 PM

Cork, what's the difference between 'contingent' and 'pending'?

**Cork On the Ocean** · 05-04-2011, 05:52 PM

We had a thread on this awhile back. The "contingent" category was added a couple of years back after short sale listings became popular. I don't have an official answer from ECAR but it's my understanding that Contingent category is when there are stipulations that must still be agreed upon and that Pending is once all the terms have been met and they are just waiting for closing. Logistically, I don't know that the two are uniformly used in this manner. An application that I think would be great is Contingent when you are waiting for bank approval on a short sale and then move it to Pending once the bank has signed off.

Maybe some of the other realtors on the board have clarified the two categories with ECAR.

Wish I could make the links clickable on the hotsheets but haven't been able to accomplish that one yet. Sorry :-(

**ata** · 05-04-2011, 06:33 PM

What sticks out to me most is the sold properties are being sold for 10-30% less than list price. i didn't see one price increase in corks south walton sheet. just because houses are selling a bit better is irrelevant as there being sold at 50-80% loses from purchase prices.till all the 100% mortgages from 2002-2008 are flushed i don't see any prices increase. i bet banks have lost billions on 30-a

**Smiling JOe** · 05-05-2011, 08:31 AM

Contingent or pending, they are essentially the same and it is up to each Realtor to choose which they want to use once an offer is accepted and communicated. Contingent category was actually created back in the boom, when buyers wanted to be able to put in back up offers on properties that were under contract, but with larger contingencies, like "contingent on selling my other house."

The category stuck around and is now used quite a bit as Cork described with short sales. Remember that all sales are contingent all the way up to the closing, for reasons that most never think of, such as death of the buyer or seller. Then you have the other basics, like the property appraising in order to get the loan, etc.

There are no hard and fast rules from ECAR on how to use each category, but I think most Realtors will use the contingent status when there are contingencies such financing approval, feasibility studies, lender approval in short sales, etc. This would be so that a buyer wanting to look at all the possible properties to put in an offer, would be able to see these. The buyer would be looking at these only as a back up offer. Once the contingencies stated in the contract are met, the Realtor would change the status to pending.

Again, there are no set rules other than the listing must go into one of the two categories when it is under contract, so count contingent and pending as the same.

**Smiling JOe** · 05-05-2011, 08:33 AM

ata, on average, the homes in South Walton are selling somewhere between 88-91% of list price. Some are selling above list price and others are selling well below list price, depending on how the property is priced.

**30ashopper** · 05-05-2011, 10:45 AM

Originally Posted by Smiling JOe

There are no hard and fast rules from ECAR on how to use each category, but I think most Realtors will use the contingent status when there are contingencies such financing approval, feasibility studies, lender approval in short sales, etc. This would be so that a buyer wanting to look at all the possible properties to put in an offer, would be able to see these. The buyer would be looking at these only as a back up offer. Once the contingencies stated in the contract are met, the Realtor would change the status to pending.

In your case here, what would be left to do post marking it as pending? Meeting at the bank and signing the paperwork?

**Bobby J** · 05-07-2011, 09:03 AM

Typically, the only thing left to do is close. The bank and title are wrapping it up and trying to meet the contracted closing date. The bank paperwork is sent over to title so 30a in most cases you are correct but keep in mind not all agents follow the exact steps. I thought Contingent got big during our "short sale" era.

**Smiling JOe** · 05-08-2011, 01:34 PM

30ashopper,
Even after most are placed into pending, the loan would still have to go through and those are contingent on appraisals, which can come down to the last minute. Repairs of warranted items, and other misc things can also come after the pending status.

Bobby J, you are right in that the contingent status didn't really become popular when it was started during the boom. The reason why is that most properties that were under contract ended up selling, so buyers didn't want to waste their time looking through contingent properties.