What Does Pending Mean on Realtor.com?
- 1 - Understanding the Pending Status on Realtor.com
- 2 - The Difference Between Pending and Under Contract
- 3 - Why Some Listings Are Marked as Pending
- 4 - What Happens When a Property Is Pending?
- 5 - Can You Still Make an Offer on a Pending Property?
- 6 - How to Interpret Pending Status When Buying a Home
1. Understanding the Pending Status on Realtor.com
When browsing real estate listings on Realtor.com, you may come across properties marked as "Pending." But what does this term really mean, and how does it affect your ability to purchase a property? The "Pending" status indicates that a seller has accepted an offer from a buyer, but the transaction is not yet complete. This stage is one step away from the listing being marked as "Sold." The deal is essentially in progress, but there are still some conditions that must be met before the sale is finalized.
2. The Difference Between Pending and Under Contract
It’s common to see the terms "Pending" and "Under Contract" used interchangeably, but they do have distinct meanings in real estate. While both statuses indicate that a property is no longer actively listed for sale, they refer to different stages in the sale process:
- Under Contract: This status means the buyer and seller have agreed on the terms, and the contract has been signed. However, contingencies, such as financing or inspections, may still be in place. The deal is not final until these contingencies are cleared.
- Pending: Once all contingencies have been satisfied and the sale is moving toward closing, the status changes to "Pending." At this point, the transaction is nearly complete, and the property is close to being officially sold.
Understanding the difference between these two terms can help you better navigate the buying process and know where a specific listing stands.
3. Why Some Listings Are Marked as Pending
There are several reasons why a listing may be marked as pending. The most common reason is that the seller has accepted an offer from a buyer, and the transaction is moving forward. However, other factors may also contribute to this status, such as:
- Successful Negotiation: After negotiations between the buyer and seller, an agreement is reached, and the property is moved to the pending stage.
- Contingency Removal: If any contingencies such as financing, inspections, or appraisals were part of the contract, these have been successfully met or waived.
- Timeframe Requirements: After a specific period, if the buyer and seller are in agreement and all conditions are met, the listing will be marked as pending.
In each case, the pending status means that there is a committed buyer and that the seller is taking the necessary steps to close the sale.
4. What Happens When a Property Is Pending?
When a property is marked as pending, it is typically just waiting for the final closing process. During this phase, the buyer will work with their lender to finalize financing, and any final inspections or appraisals will be completed. The seller will also take steps to prepare for the closing, which may involve making repairs or ensuring that all paperwork is in order.
Pending status doesn't mean the deal is completely sealed, however. In some cases, issues may arise during the closing process, such as complications with the buyer’s financing or last-minute inspection problems. If any of these issues are not resolved, the sale could fall through, and the property may return to active status.
5. Can You Still Make an Offer on a Pending Property?
While a pending property typically indicates that the sale is almost complete, you may still be able to make an offer. Real estate markets can be unpredictable, and deals sometimes fall apart during the final stages for a variety of reasons. If the deal falls through, the property may go back on the market as "Active" or "Back on Market," giving you the chance to submit a new offer.
If you’re particularly interested in a pending property, it can be helpful to communicate with the listing agent. They can provide updates and alert you if the property becomes available again. In competitive markets, some buyers may also place backup offers on pending properties in case the current deal falls through, ensuring they’re in line if the sale doesn’t go through.
6. How to Interpret Pending Status When Buying a Home
For potential homebuyers, encountering a pending property can be both exciting and frustrating. Here’s how to interpret pending status during your home search:
- Don't Assume It’s Gone: Just because a property is pending doesn't mean the deal is final. There's still a chance the sale could fall through, so it’s worth keeping an eye on the listing.
- Stay Informed: Regularly check for updates, and communicate with your real estate agent to stay informed about any changes in status. Agents often have access to off-market information that could provide insight into the likelihood of the sale proceeding.
- Be Prepared for Backup Offers: If you’re serious about a property, ask your agent about submitting a backup offer. This is a good strategy if you really want a specific home and don't want to miss out if the deal falls through.
In summary, the pending status on Realtor.com signals that a property is nearing the end of its sale process, but it’s not a guarantee that the deal will close. Understanding what this status means and knowing your options can help you stay proactive in your home search.
