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The listing I'm interested in has the sales price then says 'pending sale' does this mean its sold?

  • May 04 2011 - Globe
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Answers (3)

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At this point it means that the property is under contract. I would suggest that you have your agent find out how long the current buyer's inspection period is and have them stay in contact with the listing agent. You could also submit a back up offer that would put you next in line for the property should the current contract fall out.
  • May 05 2011
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Pending is a stage of the offer process. When an agreement is presented and signed by the seller, some MLS's will show the property as pending, others mark it ACT-O or another designation depending on the terms of the offer, this means it is still available to show. However, Pending is often used when the contingencies are removed, or many have been and the property is waiting to move to settlement. Only then does the selling price get revealed, and it may still not show any sellers assist that has been included. Hope this helps. As menitoned by Jim, if you are interested in the properrty, it might be worth checking to see if back up offers are being accepted as in today's market deals can fall apart for many reasons even at the last moment.
  • May 05 2011
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Pending means the property is under contract and there is an offer that has been accepted. The offer can be pending approval by a lender, pending appraisal, pending mortgage approval, pending inspection ... lots of variables.

The next designation might be sold or back on the market. Continue to keep an eye on the property. You might even want to see if the seller is accepting "back up" offers should the current offer all through.
  • May 04 2011
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