A pending listing is a real estate listing that is under contract. This means the buyer and seller have agreed on a price and are in negotiations to finalize the sale.
The contract typically includes an expiration date. If the sale is not complete before this date, the listing will return to the market and the status will be updated to active.
The real estate industry is changing rapidly. In the past, only agents and brokers had access to the MLS and the roster of homes available for sale. Today, homebuyers are able to access these homes online and monitor them through the sales process. The more information homebuyers have, the more empowered they are to make smart purchasing decisions. But it also means they can run into some more complicated situations like a pending listing.
If you find a home listed as pending, you may think that you’ve missed your chance to put in an offer. This is not totally correct. While the likelihood that your offer will be accepted is low, you should still submit it. This is because some sellers may continue to accept offers in the case their original deal falls through.
A pending listing is not guaranteed to close. In fact, a pending listing is in a sort of limbo. A problem could come up with the loan or title. The buyer could experience an emergency and need to back out. These are just some stumbling blocks that could occur while the listing is pending status.
Your best bet is to work with your agent to inquire about the pending listing. If the listing agent is still accepting offers, submit your own, give the listing low priority, and continue your search.
Now you know what a pending listing is in real estate. Questions or feedback? Leave them in the comments. Or for more Realtyna content, check out Difference Between Agent, Broker, and REALTOR? Real Estate Titles Explained.