What Does "Pending" on a House for Sale Mean?

If you're in the process of buying or selling a house, you may have come across the term "pending" on house listings. Understanding what this term means is crucial to navigating the real estate market effectively. In this review, we will explain the concept of "pending" on a house for sale, highlighting its positive aspects, benefits, and the conditions in which it is commonly used.

I. What Does "Pending" Mean?

Definition: When a house listing shows as "pending," it means that the seller has accepted an offer from a buyer, and the sale is in progress.
It indicates that the seller is no longer considering other offers and is in the process of finalizing the transaction.

II. Positive Aspects of a House Listing Marked as "Pending":

Seller's Confidence:
- The acceptance of an offer and marking the listing as pending reflects the seller's confidence in the buyer and their ability to complete the purchase.
- It signifies that negotiations, inspections, and other necessary steps have likely been completed successfully.
Reduced Competition:
- With the house marked as pending, other potential buyers understand that the seller is no longer considering offers.

Discover the meaning and implications behind a pending sale status for houses in the US real estate market. Learn about the conditions, process, and frequently asked questions associated with pending sales in this comprehensive article.

Introduction

When browsing through real estate listings, you may come across the term "pending sale" associated with a property. But what does it mean when a house is listed as pending sale? This article aims to shed light on this common real estate term, providing insights into its significance and what it entails for buyers and sellers in the US housing market.

Understanding a Pending Sale

When a house is listed as pending sale, it indicates that the seller has accepted an offer from a buyer, and both parties have entered into a contract. However, the sale has not yet been finalized, and there are still conditions that need to be met before the transaction can be completed.

The Offer and Acceptance Stage

At this initial stage, the buyer submits an offer to purchase the property, usually through their real estate agent. The seller then evaluates the offer and decides whether to accept, reject, or negotiate the terms. If the seller accepts the offer, the property is marked as pending sale.

Table of Contents

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.

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 is the difference between pending and closing?

When a home is listed as “pending,” it means that there is a closing date set and that all contingencies have been met or waived. At this time, the lender and the escrow company are busy working with the loan and title documents to be sure that everything will be ready by the closing date.

Why do houses stay pending for so long?

A status of pending usually means that the buyer has passed all the requirements necessary and are just waiting to close. If the seller or their agent feels that the current buyer may pull out or not be able to close, then they may allow continued showings and even a backup offer.

How long do most houses stay pending?

But on average, homes are listed as pending for 30 – 60 days. If the buyer is paying in cash, they may close on the house much sooner.

how much di real estate agents make — how much do real estate agentsmake

More signs of a housing market slowdown following mortgage rate hikes 👇

- Homes are taking over a month to sell, twice as long as this spring
- Pending home sales saw the largest decline since May 2020
- The average home is now selling below list price pic.twitter.com/YOpcZ6RCRz
— Redfin (@Redfin) October 8, 2022

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.

Frequently Asked Questions

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.

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

Why would a house be pending for so long?: A status of pending usually means that the buyer has passed all the requirements necessary and are just waiting to close. If the seller or their agent feels that the current buyer may pull out or not be able to close, then they may allow continued showings and even a backup offer.
How long will a purchase be pending for?: How long do pending transactions take? In general, it can take up to three business days for a pending transaction to clear. But that time frame can depend on the bank or credit card issuer, the payment network—like the Automated Clearing House (ACH)—and the type of transaction.

Archives

Categories

Recent Comments