My sister is looking at a real estate listing and she’s wondering what this means? Does it mean there is a pending sale?
Might mean “contingent”?
Is she looking at a house that is a short sale?
When a short sale property receives an offer, the offer is subject to bank approval. Thus, the offer must be marked CTG (contingent). In this case, the seller can keep the property listed as “active” (meaning for sale) until the bank approves or declines the deal. Banks can take 4 to 6 weeks to approve/decline an offer. Currently, about 20% of offers make it all the way through bank and investor approvals.
Your question is short. I hope I guessed the gist of your question. I am a real estate agent.
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