You may find a home online, drive by a sign or see an ad and when you call the real estate company to inquire about the home, the agent may tell you the home is pending. What does that mean?
In real estate terms a home that is pending basically means that someone has made an offer on the home that the seller has accepted. A house under contract is considered pending.
The final closing or transferring of deed from the seller to the buyer is contingent or subject to some additional term or condition. Most common contingencies are financial, inspections or the need for the buyer to sell their home prior to buying another.
Pending real estate transaction
Depending on the contract between the seller and buyer, it may be possible for another buyer to make an offer on a pending transaction which would be subject to the release of the first offer.
You should ask a real estate professional or your attorney if you are not 100% clear on what is involved when making an offer on a home that is pending.
Give us a call to discuss your home buying and selling questions. 407-304-0255