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Explain Pending Sale?

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September 26 2013 - Lake Charles
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Just for clarification.  A verbal offer is only as good as the piece of paper its written on.  In other words, there are no legal and binding verbal offers in Real Estate. 
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September 27 2013
In your state of Louisiana, pending means an offer by a buyer has been accepted by a seller, and it is proceeding through the inspection, appraisal, underwriting, and title work phases.  The property is under legal contract, and no other offer can be accepted except as backup should something happen to the original contract.
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September 26 2013
A Pending sale in the Texas MLS system means the option period has passed and the listing is no longer subject to a buyer's unrestricted unilateral right to terminate. During the pending status period the appraisal, survey and buyer's loan process of underwriting is completed. The sale is pending final loan approval. 
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September 26 2013
I agree with everyone except Sharon. No MLS changes a listing from active to anything on a verbal offer. Verbal offers are nice, but they are not certain and not something to change the status in the MLS over.

Dawgs answer is spot on.


tim
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September 26 2013
In PA a pending sale shown on the MLS means the seller has accepted a buyers offer and signed a sales agreement.  The process of inspections, appraisals and loan commitment are in progress.
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September 26 2013
Pending Sale means they have a verbal agreement.  Under contract means both buyer and seller have signed.
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September 26 2013
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"pending".   Someone has an accepted offer, but the sale has not yet closed.  After an offer has been accepted, there are inspections, the buyer may have to get financing etc so not all sales close.   Some say 30% don't close, some say 5% don't close.

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September 26 2013
 
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