The Meaning of Pending

By
Real Estate Agent with eXp Realty

In real estate you often here the term Pending, a home your interested in may show up as Pending.

The Dictionary Definition of Pending is: "awaiting decision or settlement."

Basically it means that the seller has already accepted an offer. All the terms of the offer were agreed upon by the buyer and the seller, the paperwok has been signed by both parties and they are moving on toward closing. Sometimes  you'll here this as "under contract" refering to a contract that has been signed by the buyer and seller, agreeing to all the terms under which the house will be sold. 

 

In our MLS there are 5 different cotegories of pending.

1. Pending - everything is moving toward closing.

2. Pending Inspection - Paperwork signed, waiting for the results of an inspectoin.

3. Pending Back Up Requested - The seller is still willing to show the house and would like a Back up offer.

4. Pending Feasibility - This is mostly seen with vacant land but it can be any time there is a feasibility contingency in the contract, or the buyer has a certain amount of time to do a feasibility study or do their due diligence to see if they can use the place the way they want to.

5. Pending Short Sale. - Any time a short sale is involved in a pending transaction.

 

 

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Rainmaker
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Michael love your take of what Pending means, to inexperienced agents and inexperienced sellers pending is counting their money way too soon:))Endre

Apr 01, 2019 11:17 PM #1
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Rainmaker
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Michael Eisenberg

Bellingham Real Estate Guy
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