You keep seeing “Contingent” and “Pending” on Mahopac listings and wonder if you still have a shot. You are not alone. These status labels can feel confusing when you are trying to make a move in Putnam County. In this guide, you will learn exactly what each status means in New York, how attorney review fits in, and what to do next whether you are buying or selling. Let’s dive in.
Contingent in New York: What it means
When a listing is marked Contingent, the seller has accepted an offer, but certain conditions need to be met before the deal can move forward. Those conditions are called contingencies. Until the contingencies are satisfied or waived, the contract is not considered firm.
Common contingencies in Mahopac deals
- Financing approval or mortgage commitment
- Appraisal at or above the agreed price
- Home inspection results and related negotiations
- Title clearance
- Sale of the buyer’s current home
Showings and backups during contingency
Depending on the local MLS status variant, a seller may continue to show the property and accept backup offers while the home is contingent. You might see versions like “Continue to Show” or “Backup Accepted.” Exact labels vary by the local MLS serving Putnam County, so ask your agent to confirm what the listing agent selected and what that means for showings.
Pending in New York: What it means
A Pending listing signals the major contingencies have been removed or satisfied and the sale is moving toward closing. At this stage, sellers usually pause showings, and buyers have fewer opportunities to renegotiate unless new issues arise.
What usually remains when pending
- Final lender conditions and closing disclosures
- Appraisal follow-ups if any adjustments were required
- Title work, payoffs, and scheduling the closing date
Key differences: Contingent vs. Pending
- Status of contingencies: Contingent means key conditions are still open. Pending means those conditions are handled.
- Showings: Contingent properties may still be shown if the MLS status allows it. Pending homes are often off the market for showings.
- Negotiation leverage: Buyers typically have more leverage during contingency periods. Once pending, leverage decreases.
- Fall-through risk: Contingent deals carry more risk of falling apart than pending deals.
New York nuances that matter
Attorney review and timing
In New York, attorney review is customary after a contract is signed. During this period, attorneys can refine terms or even end the deal if needed under the contract. This step can add time before a contingent sale becomes pending.
Deposit handling and escrow
In many New York transactions, the deposit is held in an attorney escrow account or by a brokerage based on the contract. If a contingency is not met and the buyer properly cancels under the contract, the deposit is typically returned. If there is a breach, remedies depend on the contract and New York law. Consult your attorney for guidance specific to your situation.
Local MLS wording varies
The local MLS that covers Putnam County may use different labels or sub-statuses, including versions of “Contingent,” “Continue to Show,” “Active Under Contract,” or “Pending.” Ask your agent to confirm the exact status and the business rules attached to it.
What buyers should do
If the home is contingent
- Move fast on deadlines. Inspection and mortgage timelines can be short.
- Complete your inspection within the agreed window and review results with your agent and attorney.
- Submit repair requests or adjustments in writing and before your deadline.
- Keep your lender updated and push to secure mortgage commitment on time.
- If you are a backup buyer, keep financing active and be ready to step in quickly if the primary contract ends.
If the home is pending
- Expect limited room to renegotiate unless new issues arise.
- Track appraisal, title updates, and lender conditions through closing.
- Prepare for the final walkthrough and plan your utilities and move logistics.
What sellers should consider
If your sale is contingent
- Evaluate whether to allow showings and accept backup offers. This can reduce downtime if the first deal falls through.
- Set clear contingency deadlines and request strong documentation such as pre-approval and a solid deposit.
- Coordinate with your attorney on deposit handling, remedies, and addenda.
- Keep communication open. Many deals stay on track with quick responses to inspections and lender requests.
If your sale is pending
- Shift to closing prep: title work, payoff statements, and scheduling the closing.
- Pause showings unless your strategy includes backup offers.
- Keep your home ready for the final walkthrough and any lender-required checks.
Typical Mahopac timeline
Every deal is unique, but many Putnam County transactions follow a pattern:
- Day 0: Offer accepted and contract executed, followed by attorney review.
- Days 0–7: Attorney review and inspection scheduling.
- Days 7–14: Inspection period ends. Parties resolve repairs, credits, or contract changes.
- Days 14–45: Mortgage underwriting and appraisal. Financing contingency is resolved at mortgage commitment.
- Days 30–60: Closing, subject to lender and title scheduling.
Common scenarios and outcomes
Scenario A: Contingencies satisfied
- Buyer completes inspection and receives mortgage commitment.
- Parties remove contingencies in writing and update the MLS to Pending or Under Contract.
- Closing prep continues with title, payoff, and scheduling.
Scenario B: Contingency not satisfied and buyer terminates
- If the buyer cancels per the contract and within deadlines, the deposit is typically returned.
- Seller returns to the market or advances a backup offer.
Scenario C: Renegotiation instead of termination
- Parties can amend the deal with repair credits, price changes, or deadline extensions.
- Any changes should be documented in writing and may affect status.
Scenario D: Backup offers
- A backup offer can become primary if the first deal falls through.
- Make sure everyone understands the sequence and triggers in writing.
Quick buyer checklist
- Confirm pre-approval and submit your full mortgage application promptly.
- Schedule the inspection immediately and keep deadlines front and center.
- Put all requests and approvals in writing.
- Track appraisal timing and prepare for negotiations if the value comes in low.
- Stay in close contact with your lender through commitment and clear-to-close.
Quick seller checklist
- Verify buyer pre-approval and deposit terms early.
- Decide whether to keep showing the home or accept backup offers and document that choice.
- Coordinate with your attorney on escrow, payoffs, and closing documents.
- Stay flexible on scheduling if the buyer needs a short extension to preserve a solid deal.
The bottom line for Mahopac buyers and sellers
Contingent means a deal is in motion but not yet firm. Pending means major hurdles are cleared and the transaction is headed to closing. In New York, attorney review, local MLS labels, and escrow practices shape how quickly a sale moves from one stage to the next. When you understand these steps, you can make timely decisions, protect your interests, and keep your move on track.
Ready for local guidance and hands-on coordination from offer to closing in Putnam County? Connect with the Carol Mahoney Team Inc for clear next steps and a smooth path forward.
FAQs
What does contingent mean in New York real estate?
- It means the seller accepted an offer, but contract contingencies like inspection, financing, or appraisal still need to be satisfied or waived.
What does pending mean on a Mahopac listing?
- It indicates major contingencies have been removed and the sale is moving toward closing, with showings usually paused.
Can sellers keep showing a contingent home in Putnam County?
- Sometimes. If the MLS status allows “Continue to Show” or backup offers, showings may continue. Confirm the exact status and terms with your agent.
If I am a backup buyer on a Mahopac home, what should I do?
- Keep financing active, be responsive, and have your deposit and contingency timelines ready in writing in case the primary deal ends.
What happens to a buyer’s deposit if a contingency fails?
- If the buyer cancels properly under the contract and within any attorney-review period, the deposit is typically returned. If there is a breach, remedies depend on the contract and New York law.
How long from contingent to closing in New York?
- Many transactions close in about 30 to 60 days, depending on lender timelines, appraisal, title work, and how contingencies are resolved.
