The term “house is pending” typically refers to a real estate listing that has received an accepted offer from a buyer but has not yet completed the sale. This status indicates that the seller has agreed to the terms of the offer, and the property is no longer actively being marketed to other potential buyers.
Here are some key points about a pending status:
Escrow Process: Once a house is marked as pending, it usually enters an escrow phase where various conditions outlined in the purchase agreement must be met. This may include home inspections, appraisals, and securing financing.
Contingencies: A pending sale may still be subject to contingencies, such as the buyer needing to sell their current home or obtaining financing. If these contingencies are not met, the deal could fall through, and the property may return to active status.
Duration: The duration of the pending status can vary. It might take a few weeks to a couple of months for the sale to be finalized, depending on the complexity of the deal and the efficiency of the involved parties.
Communication: During this period, communication between the buyer, seller, and their respective agents is critical to ensure that all requirements are being met and to address any issues that may arise.
Market Implications: A pending status often indicates a strong interest in the property and can signal to other buyers that competition exists. However, it does not guarantee that the sale will close.
Final Steps: If everything goes smoothly and all conditions are satisfied, the sale will move towards closing, at which point ownership of the property will officially transfer from the seller to the buyer.
In summary, “house is pending” means that a buyer has made an offer that the seller has accepted, and they are in the process of finalizing the sale.