What does pending or under contract mean?
When a property is pending, that means that all of the contingencies are removed, requirements are met, and the home is about to close. Basically, a pending property is much closer to being sold than an under contract property. Is an under contract house off the market?
What's under contract option pending mean?
"Option Pending" means there has been accepted offer on a home and it is under contract in its "option period". The option period is a time a buyer will conduct inspections and can change their minds about the home purchase without forfeiting their earnest money.
What does under contract mean in real estate?
Under contract, real estate listings are those where the buyer and seller have agreed on many of the terms of the sale, like the price, closing date, and contingencies. Under contract, in contract, and under agreement are often substituted for one another. These terms mean the same thing.
Does pending mean sold?
“‘Pending’ does not mean ‘sold,’” 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’s still an opportunity to land that magical, marvelous dream home.
What's the difference between sale pending and under contract?
Sale pending. The home is under contract and all contingencies have been removed (that is, the requirements met). That puts this term at about step 7, above. Basically, a sale pending property is much closer to being sold than an under contract property.
Does under contract mean the same as pending?
'Under Contract' is probably the most accurate way to describe a pending or 'contingent' sale. It means the same as the other statuses above; a buyer and seller have agreed to terms and have executed a contract. But, the contract has yet to go to closing.
Is pending or under contract further along?
Both terms refer to a stage when the buyer and seller are already bound by contract, but the sale has not been completed yet. Pending is further along in the transaction than under contract.
What's the difference between pending and under contract on Zillow?
When your real estate listing goes from “active” to “pending,” it means you've accepted an offer, but the sale hasn't closed yet. (You'll also hear real estate agents use the phrase “under contract” for this post-offer, pre-close time period, too).
Can you make an offer on a house that is under contract?
Can You Make an Offer on a House That Is Under Contract? You can still make an offer on a home that is under contract. Many real estate agents will accept backup offers on under contract properties in case the current sale falls through. Under contract listings can be listed as "show" or "no show" properties.
Does pending mean sold?
A pending sale in real estate simply means that the seller has received and accepted an offer on their home. However, the deal is not yet finalized — hence “pending” and not simply “sold.” If you're interested in a pending property, your agent should consult with the seller's agent to learn more about the status.
Why would a house go from pending to contingent?
A property listed as contingent means the seller has accepted an offer, but they've chosen to keep the listing active in case certain contingencies aren't met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.
Can a seller back out of a contract?
Yes, a seller can back out of a contract under certain circumstances. But you must show that you've upheld the conditions in the purchase agreement or face consequences.
Why would a house say pending continue to show?
“Pending continue to show” means that the seller wants to continue to show the house to other buyers in case the current contract falls through. During this time, the seller will still encourage—and even sign onto—backup offers for the property.
What does it mean when a listing goes from under contract to pending?
What does pending mean in real estate? For a home to be listed as pending, that means the home is under contract and there are no longer any contingencies on the sale. Once a property is listed as pending, the home is much closer to actually being sold than when it's under contract.
What does it mean when a house says under contract?
The term “under contract” in real estate means a buyer and seller have agreed to a home sale in writing.
What does it mean when a house is active under contract?
When a listing is in Active Under Contract, that property is under contract, but is still accepting showings and being actively marketed. Days on Market (DOM) and Cumulative Days on market (CDOM) will continue to accumulate when a listing is in Active Under Contract status.
What under contract means?
What Does Under Contract Mean? Under contract means that a seller has accepted an offer on the property, but the sale is not final until all contingencies are met. It typically takes 4 – 8 weeks from the date the offer is accepted until the sale is complete.
What's the difference between pending and contingent?
A property listed as contingent means the seller has accepted an offer, but they've chosen to keep the listing active in case certain contingencies aren't met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.
Why would a house say pending continue to show?
“Pending continue to show” means that the seller wants to continue to show the house to other buyers in case the current contract falls through. During this time, the seller will still encourage—and even sign onto—backup offers for the property.
What is the difference between under contract and contingent?
Once your home is under contract, but some contingencies need to be met, your property is considered contingent. A contingent contract means that some condition hasn't yet been met, and both parties have not agreed to move forward with executing the deal as planned.
What is pending sale?
What’s the difference between house pending sale vs under contract, then? When used correctly, pending sale means that a home has been under contract and undergone a home inspection and appraisal. Many of the necessary steps towards completing the contracted terms have been completed and the home is close to being sold.
What does "pending" mean in a contract?
Pending sales mean that the buyers and sellers have fulfilled contingencies in the contract, so the home is very close to selling.
What is a contingency mortgage?
For the majority of home sales, a mortgage contingency grants that the buyer must secure a mortgage for a certain amount to afford the home. Many buyers will get pre-approved for a mortgage before they put down an offer because otherwise, a homeowner could be skeptical that they can afford the sale.
What is contingency in a home sale contract?
Arguably the most important contingency in a home sale contract is that the buyer secures enough money to buy the home. In most cases, a buyer will need to borrow money to cover such a large expense. In some cases, buyers can offer cash for a home and this can be a huge reason homeowners accept an offer.
What is contingency in real estate?
A contingency is a term that requires action to go through with the sale. For example, the contingency might be that the buyer offers to pay a certain amount for the home, but only if they can secure a loan from the bank.
What happens when a home goes up for sale?
When a home goes up for sale, it’s open to offers from anyone. A real estate agent will upload a home profile online, drive a sign into the lawn, and contact some other agents.
Can a buyer demand a home inspection?
The buyers can demand that sellers repair any issues found by the home inspector. Or, they can choose to move forward with the sale as is or ask for a discounted price. It is up to the homeowners to then negotiate with the buyers over a new term on the contract.
When should a home be marketed as pending?
A home should only be marketed as pending if the property is under contract, without contingencies that jeopardize the sales transaction.
How long does it take to get under contract?
The under-contract period usually takes four to eight weeks from when the seller accepts the offer until the sale is concluded.
Why is an offer more attractive to the seller?
Your offer will also be a lot more attractive to the seller if you can adhere to their other contingency requirements and offer the same price as the previous buyer or more . If you need to save money in other areas, look towards moving hacks to save money and focus on submitting a stellar offer to the seller.
What is a prospective buyer?
1. Viewing: a prospective buyer views several properties and decides to make an offer for their ideal home.
What does "active under contract" mean?
All properties classified as being under contract or “active under contract” signify that the seller of the property agreed to the terms and conditions of the buyer’s formal offer and has entered a contract.
Is it worth making a backup offer on a home that is under contract?
Therefore, it is undoubtedly worth it to make a backup offer on a home that is under contract as there’s a strong possibility that the contract contingencies could scupper the sale.
Can a real estate contract be cancelled?
A real-estate contract will automatically be canceled if the potential buyer of the property you are interested in does not adhere to the terms and conditions of the sales agreement.
What does "sale pending" mean?
Sale pending: This one’s a maybe. Once a sale is pending, the sale is pretty close to done . Some seller’s agents won’t want to accept additional offers at this point since their original deal is likely to go through. However, it can’t hurt to give them your contact info in case the sale does fall through.
What does it mean when a home is listed as pending?
For a home to be listed as pending, that means the home is under contract and there are no longer any contingencies on the sale. Once a property is listed as pending, the home is much closer to actually being sold than when it’s under contract.
What does it mean when a home is under contract?
What does active under contract mean? When a home is under contract (which is sometimes called “active under contract”), it means that the buyer has made a formal offer on the property and the seller has accepted their offer. While there is a good chance the sale will go through, if your dream home is under contract, you don’t have to necessarily give up hope. We’ll explain why in a minute.
How does the real estate transaction process actually work?
This brief overview will give you an idea of how the process works and what order each of these statuses come into play.
What does contingent sale mean?
If a home is listed as being a contingent sale, that doesn’t mean the home is sold or an offer has been made. Instead, it refers to the sale of the home being dependent on a contingency working out. Both sellers and buyers can come to the table with contingencies that are required for the sale to go through (such as the buyer selling their current home first).
How to find out if a listing agent is accepting a backup offer?
Ask your real estate agent to speak to the listing agent to find out if they are accepting backup offers at this stage of the game. Your agent should be able to get a feel for if the deal is expected to go through or not. If they are open to backup offers, have your agent inquire as to what their ideal offer is so you can make a competitive one.
What is step 6 in a sale?
Step 6: The seller accepts the offer.
What is the difference between a pending sale and a property under contract?
The difference between a pending sale and a property under contract depends on which side of the sale you’re on. A prospective, but as yet uncommitted, buyer may see distinct differences. However, a prospective, but committed buyer may see no differences at all. A property under contract means a potential buyer has taken the first step in the purchase process and has a signed and countersigned purchase agreement. However, there’s much that needs to happen between signing a purchase agreement and closing the deal. The term “pending sale” simply means a potential sale is in the works and is currently moving forward to closing.
What does "pending sale" mean?
However, there’s much that needs to happen between signing a purchase agreement and closing the deal. The term “pending sale” simply means a potential sale is in the works ...
What are contingencies in real estate?
Common contingencies include mortgage approval, inspection and a sale contingency.
What to consider when buying a bank owned property?
Another thing to consider with bank-owned properties is that there often is a lengthy sales approval process. In the interim, a buyer may find another property or simply get tired of waiting. If so, you may be able to stake your claim and buy it. References.
Can a bank accept bids after a short sale?
One thing to consider if the property is a short sale or foreclosure, the bank owning the property may continue accepting bids even after a purchase offer has been received. Banks need to recover as much of their investment as possible and sometimes even price the property to encourage multiple bids.
Pending Listing Statues
Is when the agreement has been negotiated and agreed upon by both the home buyer and home seller.
Property Under Contract is Only One (Of Many) Statues Codes
During a real estate deal, you will notice several stages that a home goes through once listed on the MLS.
What Is A Listing Status?
In real estate, the “listing status” refers to situation that the home or listing is currently under (if it’s for sale) or was under (if it already sold).
MLS Statues Definitions
Below we cover various property status terms you will encounter when buying a home.
Expired, Cancelled and Withdrawn
The 3 home listing statues that want to be avoided are Expired, Cancelled and Withdrawn.
For Home Sellers
One of the many things performed by the title company during this phase include the title company doing research on the house.
