Real Estate, like all the areas, has its own vocabulary, and if you are new to this world and all the hunting process, knowing some of the words will help you in the future. Today, we are going to talk about under contract and sale pending, what they mean, and the difference between them.
Under contract means that the property has contingencies attached to the contract that need to be reviewed and cleared before closing the offer. These contingencies usually include financing, home appraisal, a home inspection, and sometimes the sale of the buyer’s current home.
Seller’s agents usually take backup offers due to these contingencies falling through and the buyer giving up on the house, so it’s a very common practice on the market. In case you found your dream house and really want it, make the offer and wait, it can still be yours, but remember, you have to wait for the first offer to fall through.
Sale pending means all the contingencies are already done, in other words, the property is ready to close. So, if you find a house on sale pending, you should move past it, because this house is almost closed.
It’s important to know that some terms can change depending on the state or region. To be sure where the house is in the sale process, consult your agent to know everything about the property. The more information you have, the better you can make a decision.
