These terms can be used interchangeably with either short sale homes, foreclosed homes, or privately owned homes. The only real difference is whether or not the owner is willing to entertain backup offers.
Hope that helps.
In our area, the San Francisco Bay Area, PENDING is the mls status or a listing in which the buyer and seller â€“ whether normal sale, short sale, or REO â€“ have contractually agreed to a purchase/sale. In other words, the property is â€œunder contractâ€.
To add more confusion, there are several different multiple listing services that provide coverage to different parts of the Bay Area. Among them there are several permutations of PENDINGâ€¦
Pending, awaiting Short Sale Lender approval
Pending, Show for BackUps
Pending, Do Not Show
Pending, Contingent upon sale of another property
We must remember that â€œreal estate is localâ€.
Under contract is an offer accepted by the seller. Many sellers are still accepting "Back up offers" but you would need to talk with the listing agent if that were the case.
Pending is waiting for a bank to confirm the acceptance of the terms of the contract. This usually deals with short sales.
Hope this helps and best of luck with the transaction.
Bill Pearson GRI, SRES |"Your Denver Realtor For Life"
ERA Herman Group Real Estate| 201 Columbine Street| Suite 301| Denver CO 80206
5280 Magazine FIVE STAR Real Estate Professional â€“ 2010, 2011, 2012
Good question. This has been a controversial topic since it was instituted by the MLS. skeeter has the best answer below. So basically, 'Under Contract' should apply to normal sales, 'Pending' should apply to bank and corporate owned homes and the dreaded 'short sales'. Be aware that this is the ruling here in Colorado. Under California the interpretation could be different.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
Section 2.7 Under Contract and Under Contract Still Accepting Offers: When a seller & buyer have a mutually executed contract, but the property is still available for showings and offers are still being accepted, disclosure must be specified in the Status conditions Field. Any listing still accepting offers must be available for showings.
Section 2.8 Pending Still Accepting Offers: When a bank owned/GSE, estate, government, corporation/trust or relocation company has an accepted offer awaiting signatures, or a short sale offer has been submitted to a 3rd party for approval. A listing in Pending status on on market and still available for showings.
The Metrolist rules are pretty specific, and Pending does not apply to a normal sale.
"Under Contract" would mean that an offer has been accepted by a seller and there exists a mutually-executed contract. Sometimes the seller and listing agent will still welcome backup contracts and, therefore, continue to schedule showings...and sometimes not.
"Sale Pending" would mean that all the contingencies of a mutually-executed contract have been satisfied and, barring any unusual circumstances, both parties are just counting down the days to closing.
To be sure, it would always make sense to have your agent inquire as to the availability of that property or, if you don't have an agent representing you, call the listing agent yourself for further information.
~ June Cardinale
Usually the listing information will indicate if it's a short sale - certainly your agent would know, or you could try reaching out to the listing agent.
If you're looking for property in Denver, feel free to call, text or email and we'd be happy to chat.
Tony & Karen
Depending on what MLS you're seeing listings from, you may also see "Active/Backup" term used, which also means there's an accepted offer, but they are accepting backup offers.
Hope this helps!
There is a slight difference between the two terms. " Under Contract" means that all points of negotiation;
price; closing date; possession; inclusions; exclusione; requested repairs or credits for deferred maintenance have been agreed upon by Buyer(s) and Seller(s). "Sale Pending" means that Buyer(s)
and Seller(s) are presently negotiating on any of the aforementioned points: Price; closing date; repairs
credits: etc. Both parties to the transaction are agreed upon the most important issues, Price, Terms and
Closing Date but may still be negotiating some more minor items.
Some Brokers consider "Under Contract" and "Sale Pending" to mean the same thing. Best to call the
Listing Broker to find out whether there is still and opportunity to obtain the property.
Broker, CRS, ABR, NCE, SEC
stimson KENNEDY Realtors
Cell: 303 478.9494
"Pending" is a term recently created and refers to transactions, involving short sales and foreclosures, when the bank, the seller and the buyer verbally agreed on the contract terms, but the contract is pending bank's signatures. Banks usually take several days to get a contract processed, so the term "pending" covers that gap and lets buyers know, that there is an offer accepted, but not yet signed. In real estate transactions, verbal agreements do not carry any weight. So technically, until the seller, the bank and the buyer sign the contract, a property is technically available. However, due to the fact, that it is already in the process at the bank and they have a contract, that all the parties verbally agreed to, there is very little chance for a new offer to go through during this gap in time. But this is a subject for another discussion.
Cherry Creek Properties
"Sale Pending" is the term most often applied to short sales. In a short sale transaction it generally means the offer has been accepted by the seller of the property and submitted to the lien holder (the bank) for their approval. Until the offer is accepted by that lien holder the property stays in the "pending" status. Once the lien holder accepts the offer the contract to buy and sell becomes fully executed and the status changes to "under contract."
Let me know if I can answer any other short sale questions for you! Have a great week,
Realtor with Cherry Creek Properties