The 'Pending' status not only indicates the house is under contract but that it has also waived all contingencies except financing (and even then financing may not be an issue when there is a cash buyer.) Other similar statuses are 'Pending Inspection' and 'Pending Feasibility'. These reflect interim steps where related contingencies need to be waived before moving to the 'Pending' status. There is also 'Pending BU Requested'. This is where the current transaction is underway but the seller would like to have other potential buyers under contract should the first buyer leave the contract or default its terms. The first 'Back Up' party would then automatically move into the buyer position. I hope this clears things up some.
There are now 3 categories of pending on the MLS. Pending inspection, pending (in process of
closing) and pending, back ups requested. If you make a back up offer your offer would not be in
place unless the first offer fails.