In real estate, ‘pending’ is a term that means a property sale has begun but isn’t quite finished. It’s much like baking a cake that’s still in the oven.
Yes, you’ve mixed the batter, and it’s cooking, but you can’t call it a cake until it’s fully baked and taken out of the oven.
Similarly, under ‘pending,’ all parties have agreed on terms and are moving forward. The buyer and seller have signed a contract.
However, the keys haven’t yet changed hands. Unexpected twists like failed inspections or financing hiccups could jeopardize the deal. Similar to how an oven breakdown might stifle your cake.
In real estate, “pending” typically means that the seller has accepted an offer on the property and the sale is in progress but not yet finalized. This status indicates that the property is no longer actively available for showings. The owner is unlikely to accept more offers, as the sale will likely move toward closing.
Let’s examine everything you should know as a Massachusetts buyer or seller.
When scrolling through real estate listings, you might notice the term “pending” next to some properties. But what does this mean?
As mentioned, when a property is marked as “pending,” it signifies that a seller has accepted an offer from a buyer. The parties are now in the process of finalizing the sale.
However, it’s important to note that a pending status does not indicate that the property has been officially sold. It simply means that the deal is in progress, and the sale has not yet been completed.
So, if you come across a Massachusetts property with a pending status, it’s essential to recognize that it can still return to the market. This could happen if there are issues with financing, unfavorable home inspection results, or even if the buyer cancels the purchase.
A pending sale does represent significant progress toward finalizing the transaction. However, it’s crucial to remember that it’s not a done deal until all the necessary…