Mar 212019
 

Everything You Need to Know About a Pending Home Sale

As the buyer, seller or interested outside party, here’s what you need to do while a real estate deal is pending.

Red and white

Few home sales fall through once they reach pending status, but that doesn’t mean all parties don’t have plenty of work to complete before closing day. (Getty Images)

Few moments are as exciting for both a home seller and homebuyer than the moment that “sold” badge is added to the For Sale sign in front of your property. But when you drive through neighborhoods, especially as you’re house hunting, you may see the occasional “sale pending” badge posted instead.

But what does it mean when a property is pending?

A pending home sale takes place after the seller has accepted an offer and the contract between both parties has been signed. When a home sale is pending, it is no longer considered an active listing on the local multiple listing service, which is where agents provide information on available properties. Public sites for marketing properties, including Zillow, Trulia and Redfin, also pull listing information from the local MLS. When a property is taken off the market on the MLS, its availability is also removed from those websites.

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