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.
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.
Does pending mean approved for a house?
Is it better to be under contract or pending?
What is the difference between pending and closing?
Why do houses stay pending for so long?
How long do most houses stay pending?
More signs of a housing market slowdown following mortgage rate hikes 👇— Redfin (@Redfin) October 8, 2022
- 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
Can you still make an offer on a pending house?
Frequently Asked Questions
What can happen when a house is pending?
Does pending always mean sold?
- 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.