what is pending in real estate
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Pending When a home is listed as “pending,” it means that there is a closing date set and that all contingencies have been met or waived. At this time, the lender and the escrow company are busy working with the loan and title documents to be sure that everything will be ready by the closing date.
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what does it mean when the status of the house is pending? is that mean the house is not for sale anymore? Pending indicates that there is a contract on the house, and that the buyers are in the process of getting their loan -- this process generally takes 3-4 weeks once the offer is accepted. Let me know if I can assist you by using the Contact Me link.
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"What does the MLS listing term ""Pending Show"" mean?" Pending Show means that a buyer has already agreed to buy the house on the condition that when they arrive to view it, it meets the criteria advertised. The sale is made pending the showing of the house. However, you should still contact the listing agent first thing Monday morning and let them know of your interest.
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Notice of Pending Litigation Definition. A document typically entered into the public records by the filer of a lawsuit involving real estate to notify interested parties of a legal claim involving that property.f the title to the property is conveyed to another party during the time frame covered by a Notice of Pending Litigation, the notice is transferred along with the title and may compromise its validity for future owners.
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"what is the difference between ""pending"" and ""Option Pending""?" Option Pending means that the transaction is still within the Option Period. During the Option Period, the buyer has the right to terminate the contract for any reason. During this period, the buyer usually has inspections done on the house and negotiates repairs (if any) for items noted on the inspection report.
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What is 'Real Property' What is 'Real Property'. Real property, also referred to as real estate, realty or immovable property, is any property attached directly to land as well as the land itself. It is any subset of land that has been improved through legal human actions. Real properties include buildings, ponds, canals, roads and machinery, among other things. Next Up.
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What Do Property Status Letters Mean in Austin MLS Here are the letters you’ll find next to the “Property Status” field in the Austin MLS and what each means. Property is on the market and offered for sale. There are no pending contracts on the property. Property is under contract, but the contract has a contingency.
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- “Pending” means it cannot be shown, although there may still be contingencies. 1  Contingent : Contingent status indicates that a property under contract is subject to an additional contingency or condition, i.e. “Contingent Sales Addendum”, Due Diligence Period, etc.
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"What does ""option pending"" mean on a real estate listing?" In our MLS. that means that a contract has been accepted and is binding. The buyer has paid for an option period so they can have inspections done and back out if they feel they need to. That option to back out is what they call option pending. In some areas they call it pending with no mention of the option and in other areas they call it active option (but there is still a binding contract in place). glenn · 8 years ago.
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- Option pending means the seller has just accepted an offer and the home goes to option period for ten days.
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- Pending - Taking Backups. The seller accepted an offer on their home, but something has hit a snag in the final stages; perhaps there was an issue with a contingency on the offer. Now, the seller is taking backup offers in case their deal falls through.
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- “Active/Pending Short-Sale” would mean the real estate agent has an offer that is waiting for approval from the bank AND the agent is still showing the house, hoping for better offers. All short-sale offers must be approved by the bank.
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What Does Under Contract Mean in Real Estate? If you've searched for homes through your local multiple listing service, you may have come across various terms that describe the property's sale status. An active listing means the house is on the market and available for purchase. A pending sale is one that’s moving toward closing. An under contract status means there’s an accepted offer on the house, but the sale is still in an early, and perhaps precarious, stage. A valid contract must meet four criteria.
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what does it mean when the status of the house is pending? is that mean the house is not for sale anymore? (P) Pending as a status indicates the homes is under contract pending closing and is no longer offered for sale or available for back up offers. Buyers looking for homes should move on to available listings.
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What Does Sale Pending Mean in Real Estate? The final step is closing, which can take anywhere from a few days to a few weeks. Most agents won’t label a home Sale Pending until the buyer has removed all contingencies and the sale is a done deal. Keep in mind that a buyer can still walk away after removing all contingencies. On occasion, a buyer has an emergency and needs to exit the contract.
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- Definition of pending. 1  1 : during their opportunity to develop trade pending the laborious and fruitless negotiations — Theodore Hsi-En Chen. 2  2 : while awaiting pending approval were held in custody pending trial.
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Sale pending? The house has a sale pending, meaning, there is an accepted offer by both parties to complete the transaction. You absolutely can submit another offer, have your Realtor call the listing agent and ask if they are accepting back-up offers. If the deal is flimsy, or on the rocks, they will accept back-up offers.
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What Do All Those Real Estate Listing Terms Really Mean? If your offer is accepted as a backup, you’re in line to go under contract if the first sale falls through. Pending, showing for backup This means the property's owners are actively taking backup offers in case the first one falls through.
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What does pending mean? What Is Contingent? When a property is marked as contingent, an offer has been accepted by the seller. Contingent deals are still active listings because they are liable to fall out of contract if requested provisions are not met. If all goes well, contingent deals will advance to a pending state.
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What is 'Real Property' What is 'Real Property'. Real property, also referred to as real estate, realty or immovable property, is any property attached directly to land as well as the land itself. It is any subset of land that has been improved through legal human actions. Real properties include buildings, ponds, canals, roads and machinery, among other things.
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Option Pending vs Pending continue to show This is usually 7-14 days. The seller has no right to terminate the contract during this period...only the buyer. PS-Pending Continue to Show means it is under contract but the seller is still allowing showings for back-up. It does not mean that the contract is any less solid than a property listed as 'Pending'. P-Pending is under contract but not encouraging back-up showings. Usually the choice of 'P' over 'PS' has more to do with the listing agent's SOP than with the property itself. Many foreclosure agents simply mark the property as 'P' when it's under contract.
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What Does a Pending Status on a House Mean? In a pending sale, the seller may only accept new offers on a backup basis, and the present deal must be formally cancelled before the seller can open escrow with a new buyer. A broker in San Francisco may report a home that is in escrow as Pending -- Continue to Show or Pending -- Do Not Show..
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what does pending mean Pending means the seller has accepted an offer from a buyer. Though keep an eye on it because it could fall out of escrow. If you are really interested in the property, have your agent call the listing agent if they are accepting backup offers on the property so that you'd be 1st in line in the event the property falls out of escrow or negotiations (during the contingency period)
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Pending order A pending order is an order that was not yet executed, thus not yet becoming a trade. It can, for example, be an order that states that you do not want to buy before the price of a financial instrument reaches a certain point.
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- Option Pending is when the buyers have a singed contract with all parties and they have written a check to the sellers for their Option Money (typically $100 to $500 based off of the sales price and what they sellers agree to), this is credited to you at the closing table.
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- Pending Transactions is a list all of the trades that have been entered but have not yet been executed. A trade will appear in Pending Transactions after it has been entered and will remain there until it goes through and appears in your portfolio. Be sure to review all of the information provided for errors.