When searching for a house to purchase, it is important to understand the various terms used in real estate listings. One common term you may come across is "pending." In this review, we will explore what "pending" means when a house is for sale, highlighting its positive aspects and benefits. This information will help you navigate the home buying process with ease.
Understanding the Term "Pending":
When a house is marked as "pending," it means that the seller has accepted an offer from a potential buyer.
The property is no longer actively marketed, and the seller is no longer accepting new offers.
Positive Aspects of a Pending House Sale:
Progress in the Sale Process:
The fact that a house is marked as "pending" indicates that progress has been made in the sale process.
It often means that the buyer and seller have reached an agreement on price, terms, and conditions.
Seeing a house listed as "pending" provides potential buyers with a level of certainty that the property is in the process of being sold.
It reduces the chances of competing offers, allowing interested buyers to
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.
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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.
Do pending sales usually go through?
When a home's status changes to sale pending, it means the seller has accepted the buyer's offer and both parties are ready to move forward. Failed pending sales don't happen all the time, but they do occur even in a thriving real estate market.
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.
Can a seller accept another offer while pending?
“Although this will cause some pushback and sometimes isn't looked at as the most ethical, a seller can legally still accept any other offer up until attorney review conclude as the deal isn't officially under contract.” For the most part, though, buyers more commonly back out of contracts rather than sellers.
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 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.
Frequently Asked Questions
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.
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.
Why would a house go from pending to active?
A real estate listing might go back to active from pending due to several reasons such as the buyer's financing falling through, inspection issues, or the buyer simply backing out of the deal.
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.