What Does a Pending Listing on a House Mean?
If you have or are now looking for a home, you may see on the lawn sign or online posting the word pending. But what does pending mean? Quite simply, it means that the home is currently under contract, which means an offer has been made and the seller has accepted and it is now in process.
What we mean by in process is there may be several steps ahead of the buyer and seller before the home is ready for closing. Usually, contingencies exist within the offer which need to be worked through. Normally a home will have a status of contingent status if contingencies exist. These would be items such as a home inspection or an appraisal. If all contingencies are met, then the home will move to a pending status.
You can still make an offer on a home in a contingent or pending status, but it is very rare for the seller to do anything.
Pending purchases typically do close but there are occasions where mortgage financing may fall through, or the final walkthrough brings us issues.
It is always advisable to work with a trusted real estate and mortgage professional to learn more and guide you through the process.