Pending means that a contract for the sale of the property has been accepted by the seller. There is a period of time between the acceptance of a contract and the actual closing of the sale. In this time period, inspections, appraisals, repairs, title work and mortgage confirmations are made. Upon completion of these items, the property can close under the terms of the contract. The seller may accept back up offers but they cannot drop the first contract to accept another. If the first contract has a problem and cannot close for any reason, then back up contracts would become viable.