A pending sale in real estate simply means that the seller has received and accepted an offer on their home. However, the deal is not yet finalized — hence “pending” and not simply “sold.” If you're interested in a pending property, your agent should consult with the seller's agent to learn more about the status.
According to the National Association of Realtors®, homes are usually listed as pending for 30-60 days. Each pending home's timeline is different, but the timing could be affected by issues with things like mortgage approvals and home inspections.
What does it mean when a house is pending? A home listed as pending means there's an offer on the home – and unless something goes wrong with the sale – you may have missed your chance to buy the property.
In some states, such as California, owners are prohibited from backing out of a deal just because there's a new offer. The buyer is the only one able to legally end the deal. Also, it's not uncommon for a deal which does initially fall through to come together in the following days or weeks.
FAQs About Contingent in Real Estate
No, it's not possible to outbid a contingent offer. The seller has already accepted an offer while waiting for certain conditions to be satisfied before closing. However, some sellers will accept backup bids while engaged in a contingent offer.
But even when all signs point to go, sometimes a home sale just never takes off. While a failed pending sale isn't common, it can happen, even in a thriving real estate market. Last year, existing-home sales totaled 6.12 million, an increase of 8.5% year over year. However, a number of purchases didn't pan out.
Yes, a seller can back out of a purchase agreement. If their reason for canceling is allowed in the contract, such as an unmet contingency, the seller can back out without penalty.
Can You Still Look at a House if it is Pending? You can consider a pending home — it's technically still on the market. Real estate agents may still allow you to see a home (even in the case of a pending offer) but this often depends on the seller's wishes.
Pending means that all provisions have been successfully met while a sale is being processed. While neither can be considered a "done deal" until the closing papers are signed, pending is more of a done deal compared to contingent. Let's explore why the difference between contingent vs pending sales is important!
On average, the entire process should take between 6 and 12 weeks to complete once you've found your dream home. This start point is very important. Finding your dream home is likely to be the longest part of the process. It can easily take as long as a year depending on your budget and where you want to live.
When a listing on Zillow - or any other real estate site - is pending, the property owner/seller has accepted an offer, but the closing hasn't happened yet. During the time between offer acceptance and closing, many steps must be taken, such as a title search, home inspection, home appraisal, and obtaining a mortgage.
If you're looking for a house to make an offer on, a home listed as “contingent” will be better than one listed as “pending.” Though both houses would already be under contract, the contingent house is earlier in the process.
A pending sale status means the seller has accepted an offer from a hopeful buyer, but the deal hasn't closed yet. (This is different from a contingent sale.) A property is placed in pending status the minute a contract is executed.
Does pending mean the money is already taken out? Pending transactions are authorized transactions that are still being processed. The transaction amount is deducted from any available funds but isn't reflected in account balances until processed and posted.
When a payment is marked as “pending” it means that the payment process still needs to be completed. In most cases, this simply means that you need to wait for this to happen.
Homes listed as “pending” are under contract – but haven't sold yet. There's always a slight chance the sale could fall apart if, for example, a buyer's financing gets denied.
If you see a home in back up status, you may be able to write an offer and if the current buyer does not move forward with the purchase, you could have an opportunity to purchase the home. Buyers in CA have 17 days for inspections, 21 days to remove contingencies for any loans.
While you may not be able to submit a formal offer while the deal is pending, you can ask your agent to get in touch with the listing agent to inquire about the deal and potentially get a heads-up if the property goes back on the market so you can make an offer before other buyers.
A seller can accept another offer when the buyer doesn't meet the demands. A low appraisal, not meeting the agreed terms such as buying a home as it is, or a delayed process can force a seller to look elsewhere.
Probably not, but read your contract carefully. Real estate agents are typically paid when you sell your home, so if your home doesn't sell, you shouldn't owe them a commission.
Homes inspections are done on behalf of the buyer to give them an out if needed, so sellers usually cannot legally back out of the sale after a home inspection. In rare cases, sellers could be uncooperative and push the buyer into backing out after the home inspection to get out of the contract themselves.
Red dot: for sale/ under contract/ auction/ new construction/ foreclosed. A red dot on Zillow means that the home is currently for sale (rare exception: already foreclosed homes). The home will either be accepting offers, under contract, new construction, or up for auction.
3.9% of real estate sales fail after the contract is signed.
There's nothing more frustrating than having a buyer back out at the last second. Even if you're lucky and the house sells quickly and above the asking price after a heated bidding war, many things can go wrong that cause a deal to fall through.
If your dream home happens to be pending, it might be worth it just to take a look and make an offer. “A buyer's agent can show their client any home as long as the listing agent and the seller approves the showing appointment,” Ricamore says.