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Answers (6)
- Tommy Lorden, "Tommy Lorden"
- Contributions:56
The term pending can be confusing...I think it's easier to consider it "under contract". Good luck!
- Nathan Colmer, "NathanColmer"
- Contributions:257
In my MLS we have a "pending" and a "pending-continue to show". Sometimes there is a difference that needs to be pointed out.
- Pasadenan
- Contributions:21466
Although the Multiple Listings have a place to mark pending status, Zillow doesn't. Zillow will only show "for sale" until an agent or owner removes it, or the data providers indicate the county records show a "sold" price and date.
- Chad Basinger, "ChadBasinger"
- Contributions:91
Hi Kellyjg,
In most cases, pending should mean that there has been an offer and acceptance, hence a contract. Once it goes into pending, escrow is opened and there are several steps that must be completed by both parties, per the contract, to help insure a successful close. I do know of some agents that will put a bank owned property into pending when the buyer has made an offer and the bank/seller has verbally agreed to the terms. If you are interested in a property that is in pending, by all means have your agent contact the listing agent to check on the status of the deal and assess the likelihood of it closing escrow. Even those deals that seem like a sure lock to close encounter unforeseen, last minute hiccups that cause the deal to fall apart. You may inquire about submitting a back up offer if you are so inclined. Best of luck!
In most cases, pending should mean that there has been an offer and acceptance, hence a contract. Once it goes into pending, escrow is opened and there are several steps that must be completed by both parties, per the contract, to help insure a successful close. I do know of some agents that will put a bank owned property into pending when the buyer has made an offer and the bank/seller has verbally agreed to the terms. If you are interested in a property that is in pending, by all means have your agent contact the listing agent to check on the status of the deal and assess the likelihood of it closing escrow. Even those deals that seem like a sure lock to close encounter unforeseen, last minute hiccups that cause the deal to fall apart. You may inquire about submitting a back up offer if you are so inclined. Best of luck!
- JAY Feaster, "Jay Feaster"
- Contributions:192
K,
It means that you've found this one too late. If it has a pending status it means you are probably working with a short sale situation. Offers are collected and the best gets submitted to the bank for approval. Short sales are a pain in the rear and have a very very low chance of actually closing. Most go into foreclosure. You'll have much more success if you go after one of those instead. Look for bank owner or REO. Your real estate broker should be on top of things and showing you properties the first week they hit the market. It positions you to get the best deal.
It means that you've found this one too late. If it has a pending status it means you are probably working with a short sale situation. Offers are collected and the best gets submitted to the bank for approval. Short sales are a pain in the rear and have a very very low chance of actually closing. Most go into foreclosure. You'll have much more success if you go after one of those instead. Look for bank owner or REO. Your real estate broker should be on top of things and showing you properties the first week they hit the market. It positions you to get the best deal.
- Jason Mainard, "JASON MAINARD"
- Contributions:71
Basically it means there has been an accepted contract by both parties but has not closed yet. It's pending inspections, financing and whatever else could be written in the contract. You can still write a back up contract on the property so if this one that is pending falls through yours would be up for consideration
if a property is listed as for sale- pending what exactly does that mean?
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