Rent-to-Own programs are becoming more popular in New York as an alternative way to purchase a home. With rent-to-own, you don't have to put down a large sum upfront and can instead pay monthly or biweekly payments until you have enough money saved up for the down payment.

Contingent. A contingent status means that the seller has accepted an offer and the home is under contract. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the deal can close.

If you see the word “contingent” on your listing, it means that your buyer is working through any contingencies that were a part of their offer — like a financing contingency, home inspection contingency, or buyer home sale contingency. We'll talk more about these below.

When a property is pending, it means the seller accepted a buyer's offer, and both parties agreed to a contract and met their shared requirements. A pending home is in the final stages of escrow and the closing process, which involves transferring property ownership, completing the purchase and signing final documents.