Can Someone Tell Me What CNTG/NO KO Means??!!

Good Afternoon, 

I get that question all the time! I wrote this blog on my website earlier this year regards to that. Hope this helps! Pending is can be any of the 2nd 3rd or 4th of these categories. 


Can Someone Tell Me What CNTG/NO KO Means??!!

ACTIVE- Good news for you. This home is on the market and is looking for a ready, willing and able Buyer to submit a contract. This will be the most common status that Buyer's will see. Plain and simple it is ready for you to come and take a look.

CNTG/ NO KO- OK, this is the one that really confuses most Buyers. This status means "Contingent with No Kickout". I'll break it down for you. Contingent- Another Buyer has submitted a contract the seller has agreed to the terms and signed it. The contingency could be a home inspection, Buyer financing, Third party approval etc. Whats most important to you is that this home is no longer available to be shown. If the inspection go bad or the financing falls through, you will se the home back on the market in an ACTIVE status. NO KO- No Kickout-Simply means that even if the Seller got an offer for more money they could not accept it or "Kickout" the current Buyer's contract. They are locked into it.

CNTG/KO- OK, CNTG means the same as it did above. The difference here is the KO-Kickout. Now the Seller can accept anohter offer is they received one. So let's paint the picture. A buyer and seller have agreed on a contract for the Seller's home. The Buyer has to sell a home in order to qualify. This is just one of many reasons that it would be in this status, Home Sale just happens to be the most common reason for a CNTG/KO status. If during the time that the Buyer is trying to sell his/her home, the Seller gets anoher contract, and wants to accept it, They can "KICKOUT" the buyers offer and take the new contract. This status is very rare but it does happen.

Contract- Very simple, the Buyer and Seller have agreed to all terms of the contract that the Buyer presented and there are no contingencies. Both parties are locked in and obligated to perform.

Sold- Buyer and Seller have gone to settlement and the Buyer is now the new Owner. Congratulations!!

So there you have it. I hope this helped to eliminate some of the confusion of the differant statuses that a home goes through when it is on the market fro sale. Please feel free to call, txt (410-802-4331) or email me any time with your questions.

Thanks so much for allowing me to be your REALTOR!!

Aaron

Ref: http://www.zillow.com/advice-thread/What-does-pending-mean/486808/