Gregor, Real Estate Pro in San Francisco, CA

What does it mean when a house is in "Pending Sale" status?

Asked by Gregor, San Francisco, CA Thu Mar 19, 2009

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"Pending" status means the terms for sale of this property have been agreed to and the parties involved are waiting for the closing.
0 votes Thank Flag Link Fri Mar 20, 2009
Gregor,
In addition to Carl's answer, some agents put a pending sale sign up when the house has an accepted contract but there are still contingencies, and a sold sign up when the contingencies have been removed, and they are just waiting to close escrow, but it varies with the agent and his/her availability of signs or desires.

Marcy
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Thu Mar 19, 2009
Hi, this is a great question….In our area pending means that all contingencies have been met and the home is waiting for the closing date. However, most agents use this term even when you still have contingencies. If you are the seller, make sure your agent is using the term correctly and it is in your MLS system correctly. If you have contingencies make sure it shows “contingent please show” on your MLS, so other buyers don’t miss out. If you are a buyer make sure it is pending with no contingencies. If not ask the agent to show you the home. Please understand that all areas use these terms differently and a lot this is determined by what the MLS definition is. Just for clarification, the MLS in the Multiple Listing Service.
0 votes Thank Flag Link Thu Mar 19, 2009
Gregor:

It means an offer has been submitted and the property is now off the market. It remains pending while it is in escrow, normally 21-45 days. Once escrow has closed, it moves to SOLD status and will then show up on the county tax records. It is typically not possible to know the sales price until it closes.

Let me know if you have any additional questions.

.
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Thu Mar 19, 2009
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