Home Buying in 19018>Question Details

Karl, Home Buyer in Darby, PA

what does sale pending mean?

Asked by Karl, Darby, PA Tue Oct 14, 2008

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8
Can someone tell me why so many rentals say "sale pending?" Does it mean the person who rents the property is kicked out as soon as the sale goes through?
0 votes Thank Flag Link Tue May 28, 2013
These are great answers. What does it mean when it goes from "Pending" to "suspended"?
0 votes Thank Flag Link Thu Mar 28, 2013
Pending Sale basically means that the property (or item) is Under Contract... What does Under Contract mean... basically it means the same thing... I think you got the idea- ... from the previous very fine answers!

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0 votes Thank Flag Link Thu Jun 24, 2010
In Pennsylvania, the term "pending" means that there has been a meeting of the minds, meaning both seller and buyer have come to an agreement in terms of price and terms. This also means, if "pending" that contingencies may or may not be met. That means there is slim chance it will go back on the market. When it is no longer available to be shown, it is pending. No longer for sale. But, it never hurts to throw your name in the hat (or have your agent do, as I do for my interested buyers if we missed the action before pending status!) with the listing agent because in this market, ANYTHING can happen. Just don't count on it coming available again.
0 votes Thank Flag Link Sun Apr 19, 2009
A deal has been accepted in writing by buyer and seller, but has not settled as of yet.

The deal could have contingincies or it can be a clean deal just waiting for title and settlement.
0 votes Thank Flag Link Wed Oct 15, 2008
Karl,

Sale Pending is a term associated with a property that currently has an executed contract. This means, the buyer and seller have mutually agreed on the price and other terms involved in the sale of the home. There are normally contingencies associated with these agreements that need to be satisfied prior to the closing. Common contingencies can include: financing, inspection, deposits, insurance etc

An important factor is that unless the contengencies identified in the contract are met according to the outlined time line, the closing for the property may not happen.
0 votes Thank Flag Link Tue Oct 14, 2008
Exactly that, the sale is pending. someone has put it in an offer, the seller has accepted but it could be contingent upon a home inspection or a mortgage. there are different terms used such as under agreement, pending or under contract.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Oct 14, 2008
Karl,

That can vary from market to market. My experience is that it typically means that an offer has been made and accepted. That accepted offer (contract) will have lots of contingencies that will have to be satisfied before the sale in consumated.
0 votes Thank Flag Link Tue Oct 14, 2008
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