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What does pending mean?

 

Often people ask me "what does pending mean"?  In today’s competitive seller’s market here in the Capital Region, NY, People see a home online and most likely find that the listing is “pending”.  You may wonder: Can I still write an offer on that house?  My answer would be:  Anything is "negotiable" in real estate matters...  The question is: Would it be worth it? Technically, when a listing or the home on the market is labelled as pending, it would mean that the seller has accepted an offer, and the seller and the buyer are moving forward eventually to closing, provided that all contingencies be met (e.g., waiting for inspections to pass, mortgage being clear to close, title coming in free and clear, etc.)  In order to break the contract during the so called “pending” period to receive another offer, the seller party will have to be prepared to negotiate with the current buyer party.  Most sellers may decide it would not be worth the hassle...   

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