The "Pending" state indicates that the seller and his agent are confident that the sale has passed its main obstacles and is about to conclude.
There are also several sub-categories of current status, each with its own definition:
Take backups - indicates that while the list of real estate is pending, the seller always shows the house and accepts back-up offers.
Overdraft Pending - the property goes through the short-term selling process with the mortgage holder.
More than four months - occurs automatically in AIG when a registration has been on hold for more than four months.
A property with a pending status is more advanced in the transactional process than a property with a conditional status. If you are very interested in a property that is flagged as pending, there is no legal reason that would prevent you from bidding on a pending house.
It is up to the individual landlord and registration officer to decide if they still wish to receive additional offers. It's probably best to talk to the registration officers to see if they're still taking the offers.
Now that you know how to interpret "contingent" and "pending" in property listings, it's time to go home hunting again. Get pre-approved online for the best idea of how much you can afford.
According to data collected by the National Association of Realtors, backorder sales are more common in the southern United States and less common in the northeastern United States.
Contact our team of locally trained agents and they can answer your questions, implement relief offer (if accepted), or find another house that is even better for you.
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