what does pending mean
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About 5 years ago
If the time it takes for a sale to conclude increases by 10%, say from 40 to 44 days, and the number of new pending contracts each month decreases by 5% the number of pending sales will increase by 5%. So is the housing market doing better? Few contracts signed, longer for deals to close.
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DislikeAbout 9 years ago
Pending means the contract has been through inspections and that the closing will likely be in the next 2 weeks
About 10 years ago
In the Real Estate arena pending means that the house has an executed contract. Within that time frame, the sellers may accept back -up contracts. There are several types of pending as well. Option pending which means the buyer is in the process of inspections etc.. the option means that the buyer has purchased time to decide if the house meets the buyers expectations. The option period may be a period between 5-12 days depending on the sellers and the area. The amount also varies according to the sellers acceptance of the fee. After the option period is over the house goes into pending or pending continue to show. Basically, the seller decides whether they would like to continue showing the house despite the contract or quit showing the home. Pending does not mean that the house is off of the market it just means that it is in contractual agreement and hopefully will meet all the standards required for closing.
About 10 years ago
This question was answered, but I just want to add...
Sometimes people want to look at houses that are pending. Realtors don't show them for several reasons. If this is the perfect house for you and the pending deal falls through, you can then go see it when it goes back on the market. But since it's pending, and all contingencies have been met, there's a good chance it's going to close and you'd be wasting your time. Homeowners are packing to move so they don't want their house shown at this time. One thing you can do, though, is tell your Realtor you like that house and ask your Realtor to call the other agent and tell them to let your agent know if it looks like their deal isn't going to work out. That way you have the chance to hear about it before it goes back into Active in MLS.
Sometimes people want to look at houses that are pending. Realtors don't show them for several reasons. If this is the perfect house for you and the pending deal falls through, you can then go see it when it goes back on the market. But since it's pending, and all contingencies have been met, there's a good chance it's going to close and you'd be wasting your time. Homeowners are packing to move so they don't want their house shown at this time. One thing you can do, though, is tell your Realtor you like that house and ask your Realtor to call the other agent and tell them to let your agent know if it looks like their deal isn't going to work out. That way you have the chance to hear about it before it goes back into Active in MLS.
About 10 years ago
Pending means the property is under contract ready to close; and all contingencies have been satisfied, and the closing is the next step.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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