What the “Pending” Tag Means on Home Listings

If you’re in the process of searching through home listings to find the ideal home of your dreams, you will likely come across certain properties that are listed as “pending” during your search. Most are already aware that this tag refers to the property nearing the point of being sold – can you still make an offer on it? What else do you need to know?

At Primary Residential Mortgage, we’re proud to offer a wide variety of home loans for varying client needs, plus to provide expertise on numerous parts of the home search and homebuying process. Let’s quickly go over what the pending tag means, whether others can still submit offers on the home during this phase, and a few other basics on this status.

What Does “Pending” Mean on a Home Listing?

Any home that’s listed pending is one that’s very close to being sold, though there are still steps that are being finalized. Typically, this status will be listed when a buyer has submitted an offer on a home that’s been accepted by the seller (sometimes after back-and-forth negotiations), and final paperwork is in the process of being drawn up. The home is still technically listed, but the sale has been agreed to by both parties and will be finalized soon.

Can You Still Submit an Offer?

Technically speaking, the answer here is yes. The pending status does not stop other people from making an offer on the property included – but this is rarely, if ever, done.

This is because to get to the pending status, it means the home seller has received an offer they’re happy with. They’ll have very little incentive to entertain another offer, and doing so might even cost them money – meaning that for another offer to have any chance at being considered, it would have to be so generous that there’s a good chance no realistic buyer would offer it. So while there are some rare cases where this may happen, it’s generally not considered wise to bid on a home that’s pending already.

Can Homes Go Back on the Market After Pending?

Definitely. There are some cases where a pending home will go back on the market – this could be due to any number of reasons, including:

– The buyer was unable to obtain financing

– An appraisal came in lower than expected

– Unforeseen issues with the home that can’t be resolved

If you see a listing for a property that you’re interested in and it’s already marked as pending, don’t be afraid to reach out. The listing agent should be able to let you know if the home is still being actively considered for sale or if there have been any hiccups along the way.

At Primary Residential Mortgage, we understand that buying a home can feel like an overwhelming process – but with our expertise and guidance, we’ll make sure you get the right home loan for your needs that puts you in a comfortable financial position. Reach out to us today if you have any questions, or are ready to start the homebuying process!

*PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Opinions expressed are solely my own and do not express the views of my employer.