Home Buying in 98052>Question Details

Catherine He…, Home Buyer in 98052

What does it mean when a house is labeled Pending?

Asked by Catherine Henry, 98052 Mon Mar 9, 2009

Can you still make an offer and get the house?

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Answers

6
I saw that it said Backup on a place I was looking at, and know it says b pending?
0 votes Thank Flag Link Fri Jun 3, 2016
As answered below. Pending means that an offer is accepted and that the inspection has been completed and they are proceeding to close. Only some un-expected financial problem would lead to the deal falling apart in most cases.
0 votes Thank Flag Link Tue Aug 3, 2010
I just wanted to add that from my experience homes that have Pending Back-Up offers are short sales and unless the bank has approved the sale they are at liberty and will often consider and take the highest of all offers that have come in, back-ups included. Best of luck to you.
0 votes Thank Flag Link Tue Aug 3, 2010
Catherine,
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.
Steve
0 votes Thank Flag Link Mon Mar 9, 2009
Catherine
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.
Mary
0 votes Thank Flag Link Mon Mar 9, 2009
it means that there is an accepted contract and the house ia in the process if closing. However,you can get your agent to put in a backup offer in case the original one doesn.t go through.
0 votes Thank Flag Link Mon Mar 9, 2009
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