Home Buying in 48062>Question Details

Carl Pieters, Home Buyer in 48051

exactly what is meant when 'Pending' is shown next to a home for sale?

Asked by Carl Pieters, 48051 Fri Nov 6, 2009

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6
Hi Carl,
It means buyer/s and seller/s agreed on all terms of an offer and signed all needed documents; from this point, they are waiting on the title work and on financing (if there is a loan involved), all as per contract terms...

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com
0 votes Thank Flag Link Wed Feb 20, 2013
Dear Carl,
Love to help you find a home that is not pending but "active".
Pending homes have an offer accepted and are in process of closing but may or may not close for a variety of reasons.
My website is updated daily with new listings so you don't have false hope thinking one is still for sale.
http://www.PropertySister.com
Or just email me at PropertySister@gmail.com Glad to help.
Sincerely,
Lauren Quigley
586-246-3421
0 votes Thank Flag Link Wed Feb 20, 2013
Hi Carl-
Simply put, 'pending' status should alert home buyers, real estate agents and the public that a Buyer and Seller have signed an agreement.
Beyond that, there are as many different combinations of terms, pricing, dates, and contingencies as there are buyers and sellers. The "pending" agreement can be as simple as the price, some kind of earnest money deposit to bind the deal and a proposed closing or transfer of title date. Or it may be conditioned upon several or many events taking place or the buyer or seller doing certain things therefore it is referred to "pending" these things happening. Terms of the pending contract would identify which appliances will remain, and could include a buyer home inspection contingency and deadline or any other conditions or contingencies that both Buyer and Seller agreed to.
Pendings can be as tentative or firm as the agreement between the buyer(s) and seller(s).
Hope this helps.
Web Reference: http://www.susansells.com
0 votes Thank Flag Link Fri Nov 6, 2009
Hi Carl,
"Pending" means that the seller and the buyer have come to agreement on a purchase price of the property and the seller has accepted the offer. Once this happens a listing is marked in the MLS as "Pending". At this time the buyer might have an inspection done on the property, (I can't tell you if he will or not and the buying could be buying it "AS IS" without an inspection). If the seller is a private owner, (not the bank) the buyer might want to have an inspection done. If nothing is wrong with the home and the buyer accepts the house as it is after the inspection, the house could then "Close". If the home is bank owned usually the buyer will buy the property "AS IS". The buyer could still have an inspection, but the bank will not do any repairs. It would just be an inspection to let the buyer know if there are any significant issues to address. If after the inspection is done and there are repairs that have to be made to correct problems ie: private owner, the buyer can ask the seller to complete the repairs. It is at this time that the buyer can walk away from the deal and not purchase the property, then the house would go back on the market as "Active" and will continue to show and take additional offers and hopefully a buyer! I hope his helps if you have any additional questions please feel free to call or email me direct, I do work in that area often.

Pam Bava, e-Pro, Realtor
GMAC Real Estate / Kee Group
http://www.honesalesbypam.com
pbava@thekeegroup.net
586-840-0400
Web Reference: http://www.thekeegroup.net
0 votes Thank Flag Link Fri Nov 6, 2009
"Pending" means the seller has accepted an offer to purchase the property. Technically, if it is "Pending, continue to show" it usually means it is contingent upon something... an inspection, a loan or appraisal, approval by a lender if it is a short sale, or some other item that was written into the contract. "Pending, Do Not Show" usually means there are no contingencies or the contingencies are removed and the listing agent considers it a firm sale, just waiting to close. However, once in a while the sellers may just decide they don't want to continue to show the property even when there are contingencies, so that would also go in as "Pending, Do Not Show" as it is the seller's choice. There is an additional category... "Pending with a Release Clause." Until recently it meant the seller had accepted an offer that is contingent upon the buyer selling their home. In those circumstances a "kick out" clause is usually included in the contract, which gives the seller the right to give notice to the buyer if they receive another offer that does not have a kick out clause, and if the first buyer does not remove their contingency within a specified period of time (usually 48 or 72 hours) the seller then has the right to "kick the first buyer out" and "accept" the second offer. I have the "kick out" and "accept" in parentheses because you do have to be very careful to follow the protocol exactly or you may end up with the first buyer still claiming rights. Recently "Pending with Release" has been extended to include short sales where the offer has been approved but the buyer and seller are waiting for lender approval.
0 votes Thank Flag Link Fri Nov 6, 2009
Buyer and Seller have completely executed a purchase agreement. They have not "closed" (Seller signs Deed (or maybe land contract) and delivers it to Buyer; Buyer pays valuable consideration for Deed (land contract). During the time between contract signing and closing, the two parties are working on details of the agreement - seeking financing, inspections, repairs, clearing title etc.
0 votes Thank Flag Link Fri Nov 6, 2009
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