When you search for a home or condo on Long Island, you may see homes that say Active and also ones that say Pending.
"Active" means the property is available for sale. (sometimes even though it says active, there may be an accepted offer or negotiations taking place, but the Agent has not supplied that information yet). It will continue to stay Active until there is an accepted offer and both sides of the transaction signs the paperwork.
"Pending" means that once the offer is accepted, home inspection was completed, buyer signed and gave their attorney the deposit, and seller signed the Contracts, the property is now "Pending" and Under Full Contract.
At this point, the listing is taken off of the multiple listing service as available and is now Pending.
Only the Listing Agent (and buyers agent if there is one) knows the details of the deal such as price, contingency if any, and approximate closing date. The buyers public and other agents will know the agreed upon price after the listing is Sold.
Pending should indicate that you missed the opportunity (although sometimes a deal falls through). In any event, if you see "Pending" on Long Island, you should start looking for another property to make an offer on.
So, "ACTIVE" means it's available, "PENDING" means it's Under Contract and "SOLD" means it has closed!
Happy Long Island Home Buying!
Helping buyers understand Long Island Real Estate is one of the many reasons to work with Lawrence "Larry" and Sheila Agranoff.
We look forward to hearing from you!
Lawrence & Sheila Agranoff
Cell: 631-805-4400
Comments(11)