Understanding everything that goes along with a pending status can be challenging. Learn more about this type of listing by reading the following questions and answers. A pending status means a home sale isn’t complete. So, in theory, you could still visit the property. But as we mentioned above, if the seller signed a contract without a kick-out clause, they won’t be able to accept showing requests or offers for their home. Most buyer’s agents will also discourage you from viewing a pending house since it can be a waste of time.Can a real estate agent show a pending home?
What’s the difference between contingent and pending offers?
One of the things you’ll occasionally come across is a property that is listed as contingent. There is a difference between contingent and pending offers in real estate.
A property that’s listed as contingent means that the seller has accepted a contingent offer but is choosing to keep the property listed in case certain conditions aren’t met. For example, maybe the home inspection contingency was triggered when the seller refused to make repairs, or an appraisal contingency wasn’t satisfied when the property received a lower than expected value. Either scenario could cause the sale to fall through.
If the property is listed as pending, that means the contingencies have already been met, and the buyer is preparing to close on the property. In other words, you have a better chance of purchasing a property that’s listed as contingent than a pending home sale.
How long is a home sale pending?
How long a home is listed as pending depends on the buyer and the seller, and there are no hard and fast rules. But on average, homes are listed as pending for 30 – 60 days. If the buyer is paying in cash, they may close on the house much sooner.
Why might a pending sale fall through?
There are many reasons why a pending sale could fall through. One of the most common reasons is that financing issues suddenly come up. For instance, if the buyer’s loan application is denied and they’re unable to secure financing, the sale cannot proceed.
In addition, major issues can come up during the home inspection. If the inspection reveals structural problems with the property, the buyer and seller will need to renegotiate the home price. If they’re unable to agree on a new price, the sale might fall through.
A lender may also cancel a purchase agreement if the house is a short sale, meaning the homeowner listed the property to avoid foreclosure. For this type of transaction, the lender gets to approve who can buy the home. If the buyer doesn’t meet the lender’s requirements, the property will be relisted.
Furthermore, the buyers may back out of the deal due to cold feet. Buyer’s remorse can happen more often in a fast-paced real estate market. That’s because buyers may not feel comfortable slowing down the purchase to fully evaluate if they actually want to buy the property or not.
And finally, the home could be appraised lower than the listing price, meaning the buyer would have to pay an additional sum of money to account for the difference.
FAQs
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.
Can you outbid a pending offer? ›When a home is pending, you can no longer try to outbid another buyer for the property. Your chance to buy the home has most likely passed, unless the sale falls through, an unlikely but not impossible event. Answer box: When a home sale is pending, it means that the sellers have accepted an offer from a buyer.
Do pending offers fall through? ›A sale that is “under contract” means an agreement has been made between the seller and buyer, but the sale is still subject to contingencies. In a “pending sale,” contingencies have lapsed, and the deal is near closing. A pending sale can still fall through if there's an issue with financing or the home inspection.
Can you still buy a house if it says pending? ›The short answer is yes. You can still make an offer on a house with a pending status. Though you might not want to get your hopes up if a house is listed as pending, a backup offer can still be made.
Can a seller accept another offer while pending? ›If the purchase contract hasn't been signed, the seller could accept another offer, even if you think they've accepted yours. The seller generally cannot cancel your contract if you are in compliance simply because the seller received a better offer from another buyer.
Can a seller back out of a pending deal? ›To be legally binding, both you and the buyer must sign the real estate contract. You can back out without consequences if the contract is still verbal and has not yet been legally signed.
How long do most houses stay pending? ›How long a home is listed as pending depends on the buyer and the seller, and there are no hard and fast rules. But on average, homes are listed as pending for 30 – 60 days. If the buyer is paying in cash, they may close on the house much sooner.
Is it better to be contingent or pending? ›Is pending or contingent better? If a property is listed as contingent, the sellers has accepted the offer, but there are certain contingencies that need to be met, so the property is still active. If a property is listed as pending, however, the contingencies have been met and the sale is being processed.
Why would a house go straight to pending? ›Reasons for Pending Status
The seller has accepted the offer but will still look at other offers. The buyer hasn't yet secured financing. The seller has accepted the offer but is still showing the home due to some loophole. The deal hinges upon the buyer first selling their existing home.
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's the difference between under contract and pending? ›
Under contract: the buyer has made a formal offer and the seller has accepted (Step Four in the above list). Sale pending: the home is under contract and all contingencies have been removed (that is, the requirements have been met).
What does pending mean 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).
How long does Pending sales take? ›The bottom line? Pending offers (on average) tend to last anywhere between a week and two months, but delays do happen. Here are a few of the most common reasons why.
How long can Pending last? ›Usually, a pending charge will show on your account until the transaction is processed and the funds are transferred to the merchant. This could typically take up to three days but may stretch longer depending on the merchant and the type of transaction.
What to do if a purchase is pending? ›Pending transactions occur when a payment has been authorized by your card issuer but hasn't been completed. A pending transaction will affect the amount of credit or funds you have available. Canceling a pending transaction usually requires contacting the merchant who made the charge.
What does pending mean when buying? ›Sale pending (or “offer pending”) simply means that a buyer has submitted an offer and the seller has accepted it. In other words, this isn't the sort of situation where you can simply opt to outbid all the other buyers – it's already past that point.