Contingent vs. Under Contract: What The Status Codes and Listing Terms Mean

Real estate listings are full of terms you might not always understand. Deciphering all these words can be quite a challenge, particularly when there are so many with similar-sounding names and meanings. Once you learn the basics, navigating the ins and outs becomes simpler. Keep reading for a concise summary of what some of the most commonly-used real estate status codes and listing terms mean.

Active

When looking at homes for sale in Dallas, you're bound to encounter properties that are listed as active. This term simply means that the listing is currently for sale and that bids are being accepted. While offers may have been presented, the active status indicates that none have officially been considered.

Active with Contract (AWC)

When you see this phrase, you'll know that an offer has already been accepted on a property. However, there is still a possibility the current deal could fall through. Active with contract means that the seller is still taking offers as a backup in the event that things don't work out with their buyer.

Closed (CL)

This status is rather straightforward. When a listing is closed, the deal is done and the property has officially been sold.

Under Contract (UC)

When a status of under contract is given, you'll know that the seller has a contract underway. This doesn't mean that the property is closed.

Contingent vs. Under Contract

Contingent is different than under contract. A contingency is a particular criterion that must be met in order for the sale to go through. Both buyers and sellers can require that certain contingencies be met such as buyer financing, home inspection, title search, appraisal, and attorney review. It's possible that a home may remain on the market while contracts with contingencies are being finalized, so you should express interest if an under-contract property is high on your wish list.

Deal Pending (DP)

If a home's status is deal pending, an offer has been accepted, contingencies have been met and a contract is underway. While last-minute details are being finalized, this pending status will remain and you may be able to submit a backup offer.

Back on Market (BOM)

When contract issues arise and a home falls out of escrow, it is placed back on the market and open to bids.

Expired

If a property doesn't sell right away, the listing could expire and be taken off the market. If you see this indicator and are interested in the home, feel free to inquire about it. Perhaps the seller is still taking offers.

Temporarily Off the Market (TOM)

There are various reasons why a seller might remove a property from the market. Typically, this is temporary to allow for work to be completed or to improve its salability in some way. Expressing interest is recommended if this home makes your shortlist.

Withdrawn

A withdrawn home has been taken off the market and is likely no longer for sale.

These are some of the more common real estate statuses you might encounter throughout your home search. A qualified real estate agent can be of great help if you should come across confusing terms in the future.