If you’re in the market for a new home, you may have come across the term “pending under contract” in your search. But what does it mean exactly? And how does it impact your home buying process?
In real estate, “pending under contract” means that a seller has accepted an offer from a buyer, but the sale has not yet been completed. The property is still technically on the market, but the seller is not actively seeking new offers. The buyer has typically submitted a deposit, and the sale is in the process of being finalized.
This phrase can also be written as “under contract” or “pending sale,” depending on the real estate agent or listing service. In some cases, it may also be referred to as “under agreement.”
So, why do properties go pending under contract? There are a few reasons. First, it gives the seller some reassurance that their property will be sold. Once an offer has been accepted, the seller can take their home off the market and begin preparing for the move.
For buyers, seeing a property marked as “pending under contract” can be frustrating. It means that they cannot make an offer on the property, as it has already been accepted by someone else. However, there are a few things to keep in mind:
– A sale is not final until it has closed. In some cases, a sale may fall through if the buyer’s financing falls through or if there are issues with the property during inspection. If you’re really interested in the property, it may be worth keeping an eye on it in case it becomes available again.
– Pending sales can take days or weeks to close. This can vary depending on the area and the complexity of the sale. Some sales may be completed in as little as a week, while others may take several months.
– Pending sales can still be shown to prospective buyers in some cases. If you’re interested in a property that has already gone under contract, it may be worth contacting the real estate agent to see if they are still showing the property or if they have any similar listings available.
Overall, “pending under contract” means that a property has an accepted offer, but the sale has not yet been completed. As a buyer, it’s important to keep in mind that a sale isn’t final until it has closed. However, if you’re interested in a property that has already gone under contract, it’s always worth reaching out to the real estate agent to see if there are any other options available.