10 Sep What Is the Difference between Pending and under Contract on a House
When you`re looking to buy a home, you`ll see lots of different terms used to describe its status. Two of the most commonly used terms are „pending“ and „under contract.“ But what do these terms actually mean? And how are they different?
Pending: When a home is listed as „pending,“ it means that the seller has accepted an offer from a buyer and that the home is no longer available for showings. However, the sale of the home has not been finalized yet. The buyer may still need to complete inspections, secure financing, or address any contingencies in the contract before the sale can be completed. In some cases, a „pending“ status may also indicate that the seller is still considering offers from other buyers, but has already accepted an initial offer.
Under Contract: „Under contract“ means that the buyer and seller have agreed on terms and signed a contract, but the sale has not yet been completed. This can happen for a number of reasons, such as waiting for inspections, appraisal, or financing to be finalized. During this time, the property may or may not be available for showings, depending on the terms of the contract.
So what`s the difference between these two terms? Essentially, „pending“ indicates that the home is under contract, but there are still some steps to be completed before the sale is final. „Under contract“ means that the buyer and seller have already signed a contract, but the sale has not yet been completed.
It`s important to note that both „pending“ and „under contract“ statuses can change. If something falls through during the process, such as a buyer`s financing falling through or an inspection uncovering a major issue with the property, the home may become available on the market again.
When you`re looking to buy a home, it`s important to understand what these terms mean so you can make informed decisions. Make sure to work with a reputable real estate agent who can help guide you through the process and answer any questions you may have.