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What is pending? does this mean that the house is sold?

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September 06 2011 - Parma
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Click on my video response diamond347 - www.novagreenrelaestate.com
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January 12 2012
See Kelly McCormick answer.
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February 05 2012
Pending means that there has been an accepted offer made on the property, and the offer is pending inspections, appraisal and loan approval, the final status is SOLD. Generally Pending would indicate to the public that there are no showings accepted. 
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January 18 2012
Pending means there is an offer submitted....normally it means pending sellers signature...personally I only use pending when we have verbal agreement and are wiating for final signatures...
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January 13 2012
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Thank you so very much!
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January 13 2012
Hi Diamond347,

When a house is pending sale, it means it is just waiting to close.  They have a dfirm contract on the house.  All of the contingencies of the contract - appraisal, mortgage, inspection - have already been met.

Best of luck to you!

Elyse Berman, PA, ABR, GRI, ePRO
Realty Associates Florida Properties
9174 Glades Road
Boca Raton, FL 33434
561-716-7824
Email to:  Elyse@ElyseBerman.com
http://www.SouthFloridaRamblings.com
http://www.ElyseBerman.com
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January 12 2012
When a home is a pending, this means the seller has accepted an offer and is in contract. There are contingency's periods within a contract, that allow the buyer and seller to cancel contract during those periods. This means that a property that is pending but contingencies have not been removed there is a chance the contract could fall through, and the property would go back on the market. 
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January 12 2012

This means that the seller has already accepted an offer from a buyer but it has not yet closed. If the contract is contingent on certain items and those things do not pan out (i.e. the home inspection, the buyer's financing, etc.) the house will usually be placed back on the market.

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January 12 2012

Pending means that an offer is accepted and will changes to sold when the transaction closes and title changes.  From time to time the seller will still accept a backup offer, in case the original buyer cancels prior to removal of the buyer's contingencies.

 

Good luck,

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January 05 2012
Pending means buyer and seller have come to agreement, signed a sales agreement and are waiting. for contingincies to be met. 
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November 03 2011
Usually, it means the house is under contract with a buyer.  They are awaiting inspections, financing approval, appraisal, etc...  Nothing is finalized at this point.
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October 16 2011
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I'm glad Zillow added the "pending" status for listings on this site!  6 months ago that was not an option, and was causing lots of confusion for potential buyers believing that no offer had been made yet.

I only wish that the agents would be more diligent on changing the status on Zillow.  Sure, they change it on the Multiple listings as they are required to, or they lose their membership status.  But for other information and advertisement locations?  It seems it just doesn't occur.

Of the 409 listings on this website for my city, only 7 are indicated with "pending" status presently.
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September 06 2011
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Thanks, Pat!
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September 06 2011
Yes, you have great answers here.  Something to keep in mind is that some sellers will still accept back up offers during this time, so if you're very interested in a house, you may want to try that option.  Also, a "pending" property can easily fall out of escrow if a buyer cannot obtain financing or there are other issues in escrow.
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September 06 2011

You didn't mention an address in Parma, so I will give you a general answer.  When a property is pending, there is a contract on the house.  That means that the Seller is not taking any other offers & there are no further showings.  Back in the day, pending homes rarely come back on the market; they resulted in a sale.  In our current times, at times the homes come back on the market.  We now have short sales that can be in a pending stage waiting for a Lender to approve the terms of the Purchase Agreement for months.  Some Buyers get tired of waiting for the Lender to give its approval, so the Buyers back out of the deal (as written in their Purchase Agreement).  This is one example of a pending sale comes back to a for sale status. 

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September 06 2011
Hi Diamond347.  Pending starts when an offer is accepted and changes to sold when the transaction closes and title changes.  From time to time a listing will be marked as Pending - Accepting Backups, which is self explanitory.  Some syndication websites (such as Zillow) don't post the accepting backup status so it is important to check with a Realtor who can look it up in the MLS.
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September 06 2011
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Thanks, Wetdawgs..  
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September 06 2011
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From the time someone makes an offer that is accepted on paper until the time the money changes hands, the offer is called "pending".  usually during this time there are inspections, the buyers have to get financing and many other activities  Sometimes they don't come to closing. 
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September 06 2011
 
Related Questions
What is pending? does this mean that the house is sold?
Profile picture for Gary May
Latest answer by Gary May
February 05 2012 | 18 answers
  • Asked by diamond347
  • In Moving
  • September 06 2011
Mortgage Rates
 
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