What Does Pending Mean In Real Estate? Meaning & Example.

What Does Pending Mean In Real Estate? Meaning & Example.

What Does Pending Mean In Real Estate? Meaning & Example.

Understanding everything that goes along with a pending status in real estate can be challenging. When a property is labeled as pending, it means that the home sale isn’t complete yet. Although you may still be able to visit the property, the seller has signed a contract without a kick-out clause, which means they won’t be able to accept any more showing requests or offers for their home.

The key difference between contingent and pending offers is that a contingent offer means the seller has accepted an offer but is keeping the property listed in case certain conditions aren’t met. On the other hand, a pending offer means that all contingencies have been met, and the buyer is preparing to close on the property.

The duration of a pending sale can vary, but on average, homes are listed as pending for about 30-60 days. However, it’s important to note that a pending sale can still fall through due to various reasons, such as financing issues, major issues found during the home inspection, a lender canceling a purchase agreement for a short sale, or buyers backing out of the deal due to cold feet.

Key Takeaways:

  • Pending status in real estate means the home sale isn’t complete yet.
  • Sellers with a pending status cannot accept showing requests or offers.
  • A contingent offer means the seller has accepted an offer, but conditions must still be met.
  • A pending offer means all contingencies have been met, and the buyer is preparing to close.
  • Pending sales can fall through for various reasons.

Can You Make an Offer on a House that is Pending?

Although a house is pending, it is still possible to make an offer. However, the chances of the offer being successful are slim unless the pending deal falls through. Even if you do make an offer, most sellers are contractually obligated to honor the current offer, even if a higher bid comes in. If you are really interested in a pending property and want to increase your chances, you can submit a backup offer.

This shows the seller that you are serious about buying the property and are willing to step in if the current deal falls through. It is important to consult with your real estate agent for advice on the best way to proceed in this situation.

While it may seem counterintuitive to make an offer on a house that is already pending, there are a few scenarios where it could be worth a try. If you have a strong desire for the property and believe that the current deal may not go through due to financing or other issues, it may be worth submitting a backup offer.

However, keep in mind that the seller may choose to continue with the existing deal and not consider any backup offers. It is crucial to work closely with your real estate agent to assess the situation and determine the best course of action.

Submitting a backup offer on a pending property can be a strategic move, especially if you have fallen in love with the house and are willing to wait for the possibility of the deal falling through. While there are no guarantees that your offer will be accepted, it demonstrates your strong interest and commitment to the property.

Be prepared to be patient and work closely with your agent to navigate the process effectively. In some cases, backup offers have been successful in securing a home when the initial deal falls through, so it can be a worthwhile option to explore.

The Difference Between Contingent And Pending In Real Estate

When it comes to real estate listings, you may come across the terms “contingent” and “pending.” But what do they really mean? Understanding the difference between contingent and pending can help you navigate the real estate market more effectively.

In simple terms, a contingent status means that the seller has accepted an offer, but there are still certain conditions or contingencies that need to be met by the buyer before the sale can be finalized. These contingencies could include a home inspection, financing approval, or appraisal. In a contingent status, the property may still be shown to potential buyers, and the seller may even consider backup offers.

On the other hand, a pending status indicates that all contingencies have been satisfied, and the sale is in the final stages of closing. Once a property is marked as pending, it is typically no longer shown to potential buyers, and backup offers may not be accepted. In other words, a pending status signifies that the deal is almost done and the property is on its way to being sold.

Understanding the difference between contingent and pending is crucial because it gives you valuable insights into the status of a property. If you’re a buyer, you can gauge whether there’s still a chance to make an offer or submit a backup offer. And if you’re a seller, you can determine the level of interest in your property and plan accordingly.

Table of comparison:

Criteria Contingent Status Pending Status
Definition The property is under contract, but certain conditions (contingencies) must be met for the sale to proceed. The property is under contract, and all contingencies have been satisfied or waived. The sale is in the final stages before closing.
Offer Acceptance The seller has accepted an offer, but the sale is contingent on specific conditions being met. The seller has accepted an offer, and all necessary conditions have been satisfied or removed.
Common Contingencies Financing, home inspection, appraisal, sale of the buyer’s existing property, etc. Typically, only administrative tasks remain, such as finalizing paperwork, obtaining approvals, or waiting for the closing date.
Contingency Removal Contingencies are still active, and the buyer can usually withdraw from the contract without penalties if they are not satisfied. Contingencies have been removed or satisfied, and the sale is proceeding toward closing. The buyer’s withdrawal may result in penalties.
Timeframe The property is under contract, but it is still in an earlier stage of the transaction process. The property is under contract and is in the later stages of the transaction process, approaching the closing date.
Market Status The property may still be actively marketed and available for other potential offers. The property is typically marked as “off the market” or “no longer available” for new offers.
Seller’s Perspective The seller may continue to entertain backup offers while waiting for the resolution of contingencies. The seller is generally committed to the current buyer, and new offers are less likely to be considered.
Buyer’s Perspective The buyer is still within the contingency period and may explore other options or withdraw from the contract if conditions are not met. The buyer is proceeding with the purchase, and withdrawal may result in the loss of earnest money or other penalties.
Transaction Progress Indicates an earlier stage in the transaction, with potential for changes or withdrawal. Indicates an advanced stage, with fewer obstacles before the scheduled closing.
Listing Status Changes The property may remain listed as “Contingent” until all contingencies are resolved. The status is typically updated to “Pending” once all contingencies are removed or satisfied.

FAQ

What does pending mean in real estate?

Pending means that a home sale isn’t complete. It indicates that the seller has accepted an offer, all contingencies have been met, and the buyer is preparing to close on the property.

Can you make an offer on a house that is pending?

Yes, you can make an offer on a pending house. However, the chances of the offer being successful are slim unless the pending deal falls through. Consulting with your real estate agent is recommended for advice on the best way to proceed.

What is the difference between contingent and pending in real estate?

Contingent means that the seller has accepted an offer, but certain conditions or contingencies need to be met by the buyer before the sale is finalized. Pending, on the other hand, means that all contingencies have been satisfied, and the sale is in the final stages of closing.

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