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how does a pending sale work.

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December 13 2012 - US
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In our area in FL, a "pending" sale means all the contract contingencies such as mortgage financing and inspections have been satisfied and the property is ready to close.

Each local MLS has it's own rules governing the listing status of properties.
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December 17 2012
Out in California when an asset shows as "Pending" it means an escrow has been opened for that asset and it is no longer for sale--unless the escrow falls apart for whatever reason, at which point, you will see it show up as Active again subject to cancellation of current escrow, etc.

Best wishes from So-Cal and good luck
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December 13 2012
Hi there, 

When the buyers and sellers reach an agreement on pricing / terms, Georgia home buyers typically have what's called a "Due Diligence Period".  During the Due Diligence Period, buyers can do their home inspection, research the area, negotiate repairs, etc.  If at the end of the period (usually 7 to 14 days), the buyers aren't comfortable moving forward with the property, they can terminate the contract and get their earnest money back.

If the buyers decide that they ARE comfortable with the home and the Due Diligence Period ends, then the home is listed as "PENDING SALE" in the Atlanta MLS system.  Pending can mean many things, but usually it is pending the buyer's financing approval and/or pending the completion or closing of the transaction.

I'm guessing that you found something online that you like and it is listed as "pending sale"?  If that's the case, I would ask your realtor to contact the listing agent, just in case something falls through with the current buyer's financing.

I know this was a long explanation, but hopefully it helps to answer your question!

Best,
Kerry Lucasse
Nest Atlanta Real Estate Group
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December 13 2012
 
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