When is the active/contingent status used?

Active/contingent is used as an alternative to pending in the following, limited circumstances: 1) a short sale where the buyer and seller have agreed by signature on a purchase agreement, but are still awaiting lender approval of the short sale; 2) a bank-owned property where the bank has verbally accepted an offer, but paperwork is still in process; and/or 3) a property that is subject to approval by a third-party relocation company. In all of these circumstances, once proper authorizations and signatures are in place, the status is to be transitioned to pending.