When a property’s status is listed as “pending” on a real estate website or MLS (Multiple Listing Service), it usually indicates that the property is under contract, but the sale has not yet been finalized. The contract is usually contingent upon certain conditions being met, such as the buyer obtaining financing, a satisfactory home inspection, or the sale of the buyer’s current home. Once these contingencies are met, the sale can move forward to closing, at which point the property’s status will change to “sold.”
A property’s status may also be listed as “pending” if it is in the process of being leased or rented. In this case, the property is typically off the market and is no longer available for sale.
It is important to note that a property’s status can change at any time. For example, a property that is listed as “pending” may fall out of contract and become available for sale again. Conversely, a property that is listed as “active” may go under contract and become “pending.” Therefore, it is important to check the property’s status regularly if you are interested in purchasing or leasing it.
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What does pending mean on realtor?
When a property’s status is listed as “pending” on a real estate website or MLS (Multiple Listing Service), it usually indicates that the property is under contract, but the sale has not yet been finalized. The contract is usually contingent upon certain conditions being met, such as the buyer obtaining financing, a satisfactory home inspection, or the sale of the buyer’s current home. Once these contingencies are met, the sale can move forward to closing, at which point the property’s status will change to “sold.”
- Contractual obligation: The property is under a legally binding contract.
- Contingencies: The sale is subject to certain conditions being met.
- Not yet finalized: The sale is not yet complete.
- Can fall out of contract: The contract can be terminated if the contingencies are not met.
- May go back on the market: The property may become available for sale again if the contract falls through.
- Check status regularly: It is important to check the property’s status regularly if you are interested in purchasing it.
- Similar to “active under contract”: Some websites may use the term “active under contract” instead of “pending.”
These aspects highlight the key points that buyers and sellers need to know about the “pending” status of a property. It is important to remember that a property’s status can change at any time, so it is important to check the status regularly if you are interested in purchasing or selling it.
Contractual obligation
In the context of real estate, a contractual obligation arises when a buyer and seller enter into a contract for the sale of a property. This contract is legally binding, meaning that both parties are obligated to fulfill their respective obligations under the contract. For the buyer, this typically involves obtaining financing and paying the purchase price. For the seller, this typically involves conveying title to the property to the buyer. The “pending” status of a property on a real estate website or MLS indicates that the property is under contract, but the sale has not yet been finalized.
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Facet 1: Legal implications
A legally binding contract creates certain legal rights and obligations for both the buyer and seller. For example, the buyer has the right to specific performance of the contract, which means that they can sue the seller to force them to sell the property if they breach the contract. The seller has the right to payment of the purchase price and the right to possession of the property until the sale is complete.
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Facet 2: Contingencies
Most real estate contracts are contingent upon certain conditions being met. For example, the sale may be contingent upon the buyer obtaining financing, a satisfactory home inspection, or the sale of the buyer’s current home. If any of these contingencies are not met, the buyer may be able to terminate the contract without penalty.
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Facet 3: Timeframes
Real estate contracts typically specify a timeframe for the sale to be completed. This timeframe may be extended if the contingencies are not met, but if the timeframe expires and the sale is not completed, the contract may be terminated.
These facets highlight the importance of understanding the contractual obligations involved in a real estate transaction. When a property is listed as “pending,” it is important to remember that the sale is not yet complete and that there are certain legal rights and obligations that apply to both the buyer and seller.
Contingencies
The connection between “Contingencies: The sale is subject to certain conditions being met.” and “what does pending mean on realtor?” is that a property’s status is often listed as “pending” when the sale is contingent upon certain conditions being met. These contingencies can vary, but some of the most common include:
- The buyer obtaining financing
- A satisfactory home inspection
- The sale of the buyer’s current home
If any of these contingencies are not met, the buyer may be able to terminate the contract without penalty. This is why it is important for buyers to carefully consider the contingencies that are included in the contract before signing it.
The “pending” status of a property is important for both buyers and sellers to be aware of. For buyers, it is important to understand that the sale is not yet complete and that there is a possibility that the contract may fall through. For sellers, it is important to be aware that the property is not yet sold and that they may need to continue to market the property until the contingencies are met.
Contingencies are an important part of the real estate transaction process. They protect both buyers and sellers by ensuring that the sale is not finalized until certain conditions are met. By understanding the role of contingencies, buyers and sellers can avoid potential problems and ensure that the sale goes smoothly.
Not yet finalized
The connection between “Not yet finalized: The sale is not yet complete.” and “what does pending mean on realtor?” is that a property’s status is often listed as “pending” when the sale is not yet complete. This means that the buyer and seller have entered into a contract, but the sale is still subject to certain conditions being met. These conditions may include the buyer obtaining financing, a satisfactory home inspection, or the sale of the buyer’s current home. Until these conditions are met, the sale is not considered to be final.
There are several reasons why a sale may not be finalized. One reason is that the buyer may not be able to obtain financing. Another reason is that the home inspection may reveal problems that the buyer is not willing to accept. Finally, the sale may not be finalized if the buyer’s current home does not sell. In any of these cases, the sale may fall through and the property may be relisted for sale.
It is important for both buyers and sellers to be aware of the fact that a property’s status may change from “pending” to “active” if the sale does not go through. This is why it is important to check the status of the property regularly if you are interested in purchasing it.
The “pending” status of a property is an important part of the real estate transaction process. It allows buyers and sellers to enter into a contract without having to finalize the sale immediately. This gives both parties time to complete the necessary contingencies and ensure that the sale is in their best interests.
Can fall out of contract
The connection between “Can fall out of contract: The contract can be terminated if the contingencies are not met.” and “what does pending mean on realtor?” is that a property’s status is often listed as “pending” when the sale is contingent upon certain conditions being met. These conditions may include the buyer obtaining financing, a satisfactory home inspection, or the sale of the buyer’s current home. If any of these contingencies are not met, the buyer may be able to terminate the contract without penalty. This is why it is important for buyers to carefully consider the contingencies that are included in the contract before signing it.
There are several reasons why a buyer may want to terminate a contract. For example, the buyer may not be able to obtain financing, the home inspection may reveal problems that the buyer is not willing to accept, or the buyer’s current home may not sell. In any of these cases, the buyer may be able to terminate the contract and receive their earnest money deposit back.
It is important for both buyers and sellers to be aware of the fact that a contract can fall out of contract. This is why it is important to have a clear understanding of the contingencies that are included in the contract. By understanding the potential risks, buyers and sellers can avoid potential problems and ensure that the sale goes smoothly.
May go back on the market
The connection between “May go back on the market: The property may become available for sale again if the contract falls through.” and “what does pending mean on realtor?” is that a property’s status is often listed as “pending” when the sale is contingent upon certain conditions being met. These conditions may include the buyer obtaining financing, a satisfactory home inspection, or the sale of the buyer’s current home. If any of these contingencies are not met, the buyer may be able to terminate the contract without penalty. This means that the property may become available for sale again.
It is important for both buyers and sellers to be aware of the fact that a property may go back on the market if the contract falls through. This is why it is important to have a clear understanding of the contingencies that are included in the contract. By understanding the potential risks, buyers and sellers can avoid potential problems and ensure that the sale goes smoothly.
For example, if a buyer is unable to obtain financing, the contract may fall through and the property may go back on the market. This can be a frustrating experience for both the buyer and the seller. However, by understanding the potential risks involved, both parties can take steps to avoid this situation. For example, the buyer can get pre-approved for a mortgage before making an offer on a property. This will help to ensure that they are able to obtain financing and avoid the possibility of the contract falling through.
Check status regularly
In the context of real estate, the term “pending” refers to a property that is under contract, but the sale has not yet been finalized. There are several reasons why a property may be listed as pending, such as the buyer needing to obtain financing, complete a home inspection, or sell their current home. Because the sale is not yet complete, it is possible for the property to go back on the market if the contingencies are not met. Therefore, it is important for buyers to check the status of the property regularly to see if it is still available.
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Keep track of property availability:
Checking the status of a property regularly will help you stay informed about its availability. If the property is still listed as pending, you will know that it is still under contract and that the sale has not yet been finalized. This information can help you make informed decisions about whether to continue pursuing the property or to look for other options.
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Be prepared to act quickly:
If the property’s status changes from pending to active, it means that the sale has fallen through and the property is now available for purchase. By checking the status of the property regularly, you can be prepared to act quickly and make an offer before someone else does.
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Avoid disappointment:
Checking the status of the property regularly can help you avoid disappointment. If you are interested in a property that is listed as pending, you may be disappointed if the sale falls through. However, by checking the status of the property regularly, you can be prepared for this possibility and avoid wasting your time and energy.
Checking the status of a property regularly is an important part of the home buying process. By staying informed about the availability of the property, you can make informed decisions and avoid disappointment.
Similar to “active under contract”
In the context of real estate, the terms “pending” and “active under contract” are often used interchangeably to refer to a property that is under contract, but the sale has not yet been finalized. However, there is a subtle difference between the two terms.
- “Pending” typically means that the buyer and seller have signed a contract, but the sale is still subject to certain contingencies, such as the buyer obtaining financing or completing a home inspection. If any of these contingencies are not met, the buyer may be able to terminate the contract without penalty.
- “Active under contract” typically means that the buyer and seller have signed a contract and all of the contingencies have been met. However, the sale is still not considered to be final until the closing process is complete.
In most cases, the distinction between “pending” and “active under contract” is not significant. However, there are some situations where it may be important to be aware of the difference. For example, if you are a buyer who is interested in a property that is listed as “active under contract,” you may want to be prepared to make a backup offer in case the sale falls through.
Ultimately, the best way to determine the status of a property is to contact the listing agent. They will be able to provide you with the most up-to-date information and help you to understand the next steps in the process.
FAQs about “What does pending mean on realtor?”
The term “pending” in real estate refers to a property that is under contract, but the sale has not yet been finalized. There are several reasons why a property may be listed as pending, such as the buyer needing to obtain financing, complete a home inspection, or sell their current home.
Question 1: What does it mean when a property is listed as “pending” on a real estate website?
Answer: It means that the property is under contract, but the sale has not yet been finalized.
Question 2: Can I still buy a property that is listed as “pending”?
Answer: Yes, you can still make an offer on a property that is listed as “pending”. However, the seller is not obligated to accept your offer if they have already accepted another offer.
Question 3: What happens if the sale of a property that is listed as “pending” falls through?
Answer: If the sale of a property that is listed as “pending” falls through, the property will go back on the market.
Question 4: What is the difference between “pending” and “active under contract”?
Answer: “Pending” typically means that the buyer and seller have signed a contract, but the sale is still subject to certain contingencies. “Active under contract” typically means that the buyer and seller have signed a contract and all of the contingencies have been met.
Question 5: How long does it typically take for a property to go from “pending” to “sold”?
Answer: The amount of time it takes for a property to go from “pending” to “sold” varies depending on the circumstances of the sale. However, it typically takes between 30 and 60 days.
Question 6: What should I do if I am interested in a property that is listed as “pending”?
Answer: If you are interested in a property that is listed as “pending”, you should contact the listing agent. The listing agent will be able to provide you with more information about the property and the sale process.
These are just a few of the most frequently asked questions about “what does pending mean on realtor?”. If you have any other questions, please contact a real estate agent or broker.
Understanding the meaning of “pending” on a real estate website can help you make informed decisions about your home purchase. Here are a few tips to keep in mind:
Tip 1: Check the status of the property regularly.
The status of a property can change at any time. It is important to check the status of the property regularly to see if it is still available.
Tip 2: Be prepared to act quickly.
If the property’s status changes from pending to active, it means that the sale has fallen through and the property is now available for purchase. By checking the status of the property regularly, you can be prepared to act quickly and make an offer before someone else does.
Tip 3: Don’t be discouraged if the property you want is listed as pending.
Even if the property you want is listed as pending, there is still a chance that the sale will fall through. By staying informed about the status of the property, you can be prepared to make an offer if the sale does fall through.
Tip 4: Contact the listing agent.
If you have any questions about the status of a property, the best thing to do is to contact the listing agent. The listing agent will be able to provide you with the most up-to-date information and help you to understand the next steps in the process.
Tip 5: Get pre-approved for a mortgage.
Getting pre-approved for a mortgage can help you to be more competitive in the home buying process. By getting pre-approved, you will know how much you can afford to borrow and you will be able to make a stronger offer on a property.
Summary: By following these tips, you can increase your chances of finding and purchasing the home of your dreams.
Conclusion
Understanding the meaning of “pending” on a real estate website can help you make informed decisions about your home purchase. By following the tips in this article, you can increase your chances of finding and purchasing the home of your dreams.
The real estate market is constantly changing. It is important to stay informed about the latest trends and developments. By doing so, you can make sure that you are making the best decisions for your financial future.
If you are thinking about buying or selling a home, it is important to contact a real estate agent. A real estate agent can help you to understand the process and can provide you with valuable advice.
