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...
Meir Aloni & Team
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Successfully selling Broward County since 1986!
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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.
Or just email me at PropertySister@gmail.com Glad to help.
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.
"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