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What does pending offer mean in real estate

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When searching for the keyword "What does pending offer mean in real estate," individuals can expect to find a clear and comprehensive explanation of this crucial term. This review aims to provide a simple and easy-to-understand guide, outlining the positive aspects, benefits, and suitable conditions for using the term "pending offer" in real estate transactions.

I. Meaning of "Pending Offer":

  • A pending offer refers to a status in real estate when a seller has accepted an offer from a buyer, but the final sale has not yet been completed.
  • During this stage, the property is temporarily taken off the market, allowing the buyer to proceed with necessary inspections, appraisals, and financing arrangements.
  • A pending offer indicates that both parties have agreed on the terms and conditions of the sale, but some contingencies need to be fulfilled before the deal is finalized.

II. Positive Aspects of "Pending Offer":

  1. Buyer's Perspective:
    • Provides an opportunity to conduct inspections and investigations to ensure the property's condition meets expectations.
    • Allows time for securing financing and completing necessary paperwork without the fear of losing the property to other buyers.
    • Offers a sense of security, knowing that the property
So, in theory, you could still visit the property. But as we mentioned above, if the seller signed a contract without a kick-out clause, they won't be able to accept showing requests or offers for their home. Most buyer's agents will also discourage you from viewing a pending house since it can be a waste of time.

Can you still make an offer on a pending house?

If you're house hunting and the property you had hoped to make an offer on just went pending on the local MLS, can you still make an offer? Typically the listing agent no longer accepts offers once the property is listed as pending sale, so you won't be able to place your bid.

Is it better to be under contract or pending?

While “under contract” typically means there are still contingencies left to clear, pending status usually means all contingencies have been met and the deal is on its way to closing. Pending listings are less likely to accept backup offers.

What can happen when a house is pending?

Answer box: When a home sale is pending, it means that the sellers have accepted an offer from a buyer. The home sale will close once the buyers and sellers sign the paperwork that makes the sale official. Once a home is listed as pending, the odds are low that other buyers will get the chance to purchase it.

Why do houses say pending for so long?

A financing contingency may not be the only reason a home sale is in pending status. There could also be an inspection or appraisal contingency, or there could be zoning and title issues with the property. “Sales can also fall through when a buyer changes their mind and backs out,” says Supplee.

Does pending mean approved for a house?

In the real estate world, pending means a property offer has been accepted and the contingencies met, but the sale hasn't been finalized yet.

What is difference between contingent and pending?

A property listed as contingent means the seller has accepted an offer, but they've chosen to keep the listing active in case certain contingencies aren't met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.

Frequently Asked Questions

Does pending mean complete?

According to our documentation on payment statuses, Pending means: This is a payment that has begun, but is not complete. An example of this is someone who has filled out the checkout form and then gone to PayPal for payment.

Does pending mean someone is buying the house?

If the property is listed as pending, that means the contingencies have already been met, and the buyer is preparing to close on the property. In other words, you have a better chance of purchasing a property that's listed as contingent than a pending home sale.

Does pending always mean sold?

A pending sale status means the seller has accepted an offer from a hopeful buyer, but the deal hasn't closed yet. (This is different from a contingent sale.) A property is placed in pending status the minute a contract is executed.

FAQ

How long does a pending transaction take for a house?
How long does it take for a house to go from pending to sold? In other words, how long does this crazy limbo period usually last? “There's no hard or fast answer, but typically if a buyer is getting a loan, the total under contract time is about 30 to 60 days,” George explains.
Does pending mean a house is definitely sold?
A pending sale in real estate simply means that the seller has received and accepted an offer on their home. However, the deal is not yet finalized — hence “pending” and not simply “sold.” If you're interested in a pending property, your agent should consult with the seller's agent to learn more about the status.
Is pending the same as under contract?
Under contract vs. sale pending: What's the difference? While “under contract” typically means there are still contingencies left to clear, pending status usually means all contingencies have been met and the deal is on its way to closing. Pending listings are less likely to accept backup offers.

What does pending offer mean in real estate

Does pending offer mean sold? Eventually, a “contingent” listing status will move to “pending,” which means the issues have been resolved, and the deal is almost done. Homes are listed as pending because even though they are under contract, they haven't sold yet.
Is a pending offer the same as under contract? Key Takeaways. “Under contract” means the seller has accepted an offer, but there are still conditions to clear before closing. “Active under contract” means the seller is welcoming backup offers. “Pending” means the home is under contract, and all conditions have been met for the deal to close.
  • What is a pending offer on a house?
    • When a home has a pending offer, it means that a buyer has made an offer that the property's seller has accepted. The sellers and buyers are now just waiting to close the sale of the property, whether the buyer is making an all-cash offer or plans to finance the purchase of the home with a mortgage.
  • Can I outbid a pending offer?
    • Unless the pending deal falls through, you can't simply win over the seller by offering more money or waiving certain contingencies. In fact, most sellers are contractually obligated to honor the current offer, even if a higher bid comes in.

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