Every day I have clients send me properties they found online. They are so tickled that they found the property of their dreams. I’m hopeful but curious why I didn’t find it. Then I pull up the property in the software real estate agents use to keep inventory and solicit properties. “SALE PENDING” Zillow, Redfin, Trulia, etc pull a feed from that software agents use for properties. Sometimes there is a lag time between when that property is updated and when it goes out to the public. My website WashingtonHomeHunt.com and other real estate sites also have this problem at times as we pull the same feed. I’ve also noticed some property listed online are not factual. Clients send me properties that were sold 2 years ago but posted for sale. So don’t get to excited about what you find online.
Back to What does “SALE PENDING” mean . . . .
Here are the first few categories used in Washington State
Pending Back up, Pending Feasibility, Pending Inspection, Pending Short Sale
- Active– means the seller has not accepted an offer. You are free to explore and make an offer.
- Contingent/Pending BU/ Pending SS- means the property is under contract with the understanding the seller can review other offers. There are even ways for the seller to get out of their current contract.
- Pending Inspection– This means the property is under contract if both parties can agree on the property after the inspection. Smart agents will not dismiss Pending Inspection properties because those are the most likely to fall through. Buyers don’t need to follow up with agents necessarily on Pending Inspection properties though because they have tools that notify them immediately when a property is back on the market. Feel free to let your agent know you are interested in those properties. The agent can reach out to the listing agent and follow up on the inspection and express interest in case the sellers doesn’t feel like meeting the first buyers demands from the inspection.
- Pending– The property has gone through its inspection period. Terms have been met and they are moving forward with the contract. There are items that could make a pending sale fall through though. For example: Financing: The buyer employment status changed, Buyer can’t source down payment, property didn’t appraise, etc. Property issues: The septic inspection didn’t pass, the sewer connection has issues, the water source is contaminated or failing.
Work with an agent that will help you understand this process and don’t worry about asking questions. You are good at what you do and Realestate agent are trained to know this.