The real estate pending definition can vary slightly, but in most cases, it always means anaccepted and binding contract between the buyer and the seller. It also means that both parties have signed the contract and are ready to move on. But there are often things that need to be agreed upon by both parties in order for a sale to go smoothly.
People also ask
What does pending mean when buying a house?
Pending means that a buyer has made an offer on a house and signed a home-purchase contract, and that the buyer and seller have resolved their contingencies. Occasionally, pending means the seller has merely accepted an offer. But, in practice, the stricter definition reigns.
What does’pending’mean in real estate?
What does pending mean in real estate? A home’s status is changed to Pending or Pending Offer once it’s set to close and all contingencies have been satisfied or waived. This is when the lender and the escrow agent or attorney process the loan and title documents to make sure the deal closes on time.
Does 榩ending?mean 榮old?
溾€楶ending?does not mean 榮old,欌€?says Joy Triglia, broker and CEO of Century 21 Universal Luxury in Fort Lauderdale, FL. Until the contract is complete and the sale is a done deal, there still an opportunity to land that magical, marvelous dream home.
Can I submit a backup offer on a pending listing?
Sometimes the sellers may still accept backup offers on pending listings, but it’s best to contact your agent to find out if it’s possible to submit this type of offer. Learn the differences between contingent and pending.