Pending Sale
The status of a property that has an accepted purchase contract but has not yet closed, meaning the sale is in progress but not legally complete. During this period, the property is typically removed from active marketing while contingencies are satisfied and closing preparations are completed.
Example
“The house showed as pending sale on the MLS, meaning they had an accepted offer but were still waiting for the inspection and financing to be finalized.”
Memory Tip
Picture the sale 'hanging' on a clothesline - it's up there but not quite dry (closed) yet.
Why It Matters
Understanding pending status helps buyers gauge market competition and timing, while sellers can use this information to identify backup opportunity properties. This status indicates serious buyer commitment but doesn't guarantee the sale will close.
Common Misconception
Many people assume a pending sale means the deal is guaranteed to close, but transactions can still fall through due to financing issues, inspection problems, or other contingencies.
In Practice
After a buyer's offer is accepted on a home, the property shows as 'pending' on the MLS for the next 30 days while the buyer completes their home inspection, secures financing, and prepares for closing. Other interested buyers typically move on to available properties rather than wait for a potential fallthrough.
Etymology
From Latin 'pendere' meaning 'to hang' - the sale is literally hanging in the balance, waiting to be completed.
Common Misspellings
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