Pending in a normal sale means- Buyer & Seller Agree to the Terms and Condition of the Sales Contract
In todays market there are 2 other forms of Pending
1- Active Contingent - Both parties agree to the terms - Most times Contingencies can be "financing" and or Inspection period. There can be other contingencies also. Once all Contingencies are meet the Listing Agent should place the property as "Pending" until closed.
2- Active Contingent Short Sale - Again the both parties agree to the terms of the Sale Contract - Price, inspection period, financing. The difference is that with Short Sales the Buyer & Seller may agree but due to the dificiancy the "Lender" must approve the Sale. Once Lender approves the sale the Buyer and Seller can move forward with the process. Short Sale can take time, many Lender are putting automated systems into place to fast track the process.
If you have any other Real Estate questions you would like to discuss please contact me at the number below.
Selling Paradise Realty