When you consider the fact that 38 percent of Americans are likely to purchase a home in 2021* amid a national housing shortage, knowing your way around a real estate transaction ultimately could be the difference between a date with the closing table or another busy weekend full of showings.
That’s why today, we’re breaking down what pending in real estate is along with the most common questions about pending offers and what they mean for you as a prospective buyer.
In real estate, pending means the seller has accepted an offer from a potential buyer, but the contract has not yet been executed. This is also known as being “under contract.”
It is still possible for a home sale to fall through even after it’s reached the pending status, so if you find that your dream home is “pending,” there’s still a chance to put in your offer if the current one falls through, an occurrence that happens about four percent of the time.
Three Common Questions About Pending Offers
What is the difference between pending and contingent?
A home that is contingent means an offer has been accepted and the execution of that sale will depend on certain conditions being met, whether that’s loan funding, a satisfactory home inspection, the sale of the buyer’s current home, a title contingency or another type of contingency.
A pending home is a home that’s under contract with another buyer and all of the contingency terms have been met and contract work has been executed.
What does pending with showings mean?
A home that’s “pending with showings” means the current offer was accepted, but the seller and selling agent still allow potential buyers to see the home in the chance the home sale doesn’t go through. Hint: this is a great time to make a competitive offer with a professionally underwritten pre-approval letter.
How long does it take for a house to go from pending to sold?
A home is pending until closing and can be pending anywhere from one week to 60 days unless otherwise agreed upon by the buyer and seller.
Regardless of what’s going on with the housing market, the more knowledge you have about the world of real estate, the more power you might have when it comes time to buy or sell a home.
That’s why aside from being a trusted, reliable digital mortgage provider, Wyndham Capital Mortgage is invested in educating buyers in every season of homebuying with actionable tips, helpful advice and professional mortgage loan officers ready to answer any questions you may have. Contact us today to find out how our digital advantages could benefit you in your homebuying journey.
*Wyndham Capital Mortgage commissioned Atomik Research to run an online survey of 2,342 adults in the United States for their Mortgage 101 survey. The margin of error fell within +/- 2 percentage points with a confidence interval of 95 percent. The fieldwork took place between March 23rd and March 29th, 2021. Atomik Research is an independent creative market research agency.