What does Pending mean?
This video is about Pending transactions in Real Estate.
When a property is pending, it means that an offer has been accepted by the seller and that the home is “under contract.”
Our MLS uses several pending categories.
Pending inspection, which means they’re waiting for the inspector to check out the house and have an agreement between the buyer and seller if any issues need to be repaired. That is a whole other discussion.
There is a pending backup which means the seller is still willing to show the house and take back offers.
There is pending short sale which means the seller is selling short, another potential discussion, their deal has to be approved by the seller’s lender.
And finally pending usually after the inspection contingency has been waived.
A home will remain in the pending state until all legal work has been processed and is easy for closing.