You may have seen this word associated with housing sales recently but do you know what it means? What does the status of pending say about a house that is listed for sale?
Pending means that the house has made it through the initial option period (if there was one) and is now on the next phase, nearly ready to close. The sellers are not accepting offers at this time but they may still be waiting on terms to be satisfied in the contract before they can sign the home over to the new homeowners.
How long is the pending phase? It can be the entire length of the transaction but typically is about 23 of 30 days.
Is the sale guaranteed to go through in the pending status? No. The buyers' financing could fall through, the seller's contingency may not be cleared in the agreed-upon time frame, the buyers may get cold feet, an act of God could occur and destroy the property, there are lots of variables here. Keep an eye on the property and ask your agent to notify you if it comes back on the market.
If you'd like to know more, please reach out! I am here as your local real estate advisor and it would be my honor to educate you!
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