What does pending mean in Real Estate? Tara discusses this frequently asked question.
Hello, Tara Chisum here with Chisum Realty Group and we are at Comanche Creek Brewery Company in Eagle Nest, New Mexico. This is a wonderful rural watering hole this is halfway between Angel Fire and Red River. And it is a great place to grab a pint, relax and enjoy some the most breathtaking views around.
Now, as much as I would like to just chat with you all over a beer, I better stick to what I know best, Real Estate! In the current market homes are going under contract very quickly. And they’re staying in pending / under-contract status from anywhere from one to four months. So the question we’re always hearing is…”What I see a property online, and the status is pending, what does that mean?”
When a property status moves from FOR SALE to PENDING, it means that the seller has excepted an offer and they are moving through the closing process. Different website and different markets use different terminology, but pending, under-contract, and contingent, pretty much all mean the same thing. The only difference is that sometimes the sellers are still allowing showing and excepting backup offers, while other-times they are not.
So is the home sold? No. But the buyer, seller and Realtors are working to make that happen. However, in today’s multiple offer market, there are buyers who get buyers remorse. And there are things that happen during the closing process, that can cause a home to fall out of contract.
So, for all of you who see that perfect house online and the next day the status changes to pending, don’t give up just yet. Speak your Realtor about negotiating with the seller to put you in a backup position. Homes are more likely to fall out of contract if they have a backup offer.
I hope this clears up the common question “what does pending mean?” And gives you a few ideas on how to navigate this ever changing real estate market. As always, if you have any questions or what to discuss further, please don’t hesitate to give me a call and remember, come and check out Comanche Creek Brewery next time you’re in the neighborhood, cheers!