Show What Does Pending Mean in Real Estate2022-06-22 17:56:25 • Filed to: Real Estate • Proven solutions The trading process of homes in the contemporary era is way different than what it used to be traditionally. Back then, it was easy to understand when a house was on sale because properties would claim 'SALE' in white letters, usually printed on a red sign board. However, today, upon seeing 'Pending' in front of a house, you usually assume that the house has been sold out even though that is not true. What Does Pending Mean in Real Estate Here is the answer to the bewilderment arising within your mind right
now. Even though the house says 'Pending', the house is still available for purchase but with certain restrictions. Marking a home as 'pending' indicates that there is a date that has been allowed to close the sale period and that all contingencies of a sales agreement have either been completed or abandoned. There is still a possibility that the owner may be open to offers on the property as a backup plan just in case the former deal doesn't work well for him because factually his property is
still not 'sold out'. The Difference between Contingent and Pending Contingent: When a property is claimed to be 'contingent' it means that the seller accepted the offer made by a buyer; this is a much better option as compared to waiting for a 'pending' property. Contingent deals somehow reflect the 'Right of First Refusal (RFR)', and it is pretty simple to understand. Just as the owner under adds in clauses that restrict the buying process or even annul it, if those are not duly met. In the
same way, contingent deals only remain active with a specific buyer, for as long as the included clauses are met. If these clauses are not the contingent deal is automatically sent into a 'pending' state.
Pending: When a property is claimed to be 'pending', this indicates that the seller has accepted the offer bidden by the buyer and all contingencies have bee either met or removed. Pending deals cannot be deemed active because a home continues to remain in the 'pending state' until legal documentation, fulfilment of clauses outlined in the contract and the tenure for 'pending' has been achieved. Some of the common pending contracts are as follows:
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