Bethesda real estate contingencies in a contract

When you buy  one of our lovely Bethesda homes for sale, you will probably be using a Regional Contract.   And unless you are in a very intense bidding war, you will likely have contingencies within that contract:  

• a home inspection
• an appraisal
• a radon test
• financing
• and perhaps a home sale contingency

to name some of the most common.  The changes in status in the MLS can be confusing for buyers who don't understand what is happening so perhaps this short tutorial on Bethesda real estate will help!

Status Changes in the MLS

ACTIVE

The first status is  active and the property can be shown.  Once an agreement is made on price and terms the home goes under a contingent status and will show up on search sites (that are live MLS sites) as either Cntg/NO KO or Cntg/KO.

Cntg/NO KO

This status means the parties are working through a home inspection, an appraisal contingency or some other contingency where the buyer has the right to cancel the contract if the home doesn't meet their expectations.  The home is not usually shown during this time unless the parties have a suspicion that the buyer won't fulfill the contract.

Cntg/KO

This status means the buyer has a home to sell and the contract can be "kicked out".  The parties have agreed in advance that the home will effectively remain on the market and that if another buyer comes along the first buyer will have a certain amount of time to clear the home sale contingency or void the contract.

CONTRACT

Once the contingencies have been cleared the buyer and seller are heading towards a settlement date and barring any last minute issues, the next status will be….

SOLD

The one we all like to see!