Here are the definitions for “Contingent REO” and “Contingent SSale (Short Sale)” that are on the REO and Short Sale reports.
Contingent-REO – Mandatory mark as Contingent-REO a the time of the bank/asset manager gives a verbal acceptance. Mark as pending when the listing agent receives a fully executed purchase contract.
Contingent-SS – Mandatory mark as Contingent-SS (Short Sale) at the time the seller signs a purchase contract (it is optional to use Pending status, rather than Contingent-SS). Mark as Pending when the listing agent receives written short sale lender approval.
Keith Note: When a property goes “Pending” status, it no longer appears on the MLS Listing Searches.