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Old 06-15-2018, 12:35 PM
 
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A local property is shown on three sites.
One says pending offer. Does that mean someone else can make an offer?

Another site says it is conditional and another says under contract.
What % of under contract actually sell?

Thanks.
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Old 06-15-2018, 01:54 PM
 
595 posts, read 375,721 times
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Quote:
Originally Posted by howard555 View Post
A local property is shown on three sites.
One says pending offer. Does that mean someone else can make an offer?

Another site says it is conditional and another says under contract.
What % of under contract actually sell?

Thanks.
"Pending" means it is pending purchase, and that contingencies have been met and are satisfactory. Can you make an offer? Are they accepting "back up" offers?

These other sites may not have updated the information yet.

If the property is in "pending" status, it's pretty much a done deal. I am not sure about %'s.
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Old 06-15-2018, 01:55 PM
 
Location: Raleigh NC
7,749 posts, read 6,110,007 times
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usually it would mean they've got a contract, or its in some state where its considered sold while documents are hammered out.

as far as why the 3 sites say what they do, it's just what they decided to name the category.

As far as what % of contracts get completed vs terminated, you'd have to ask your Buyer's Agent in your market.
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Old 06-15-2018, 03:56 PM
 
Location: DFW - Coppell / Las Colinas
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Most homes that go under contract end up closing. Probably 98%.

You could do a backup offer or just let the agent know you're interested and keep you updated.
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Old 06-15-2018, 04:03 PM
 
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Quote:
Originally Posted by Rakin View Post
Most homes that go under contract end up closing. Probably 98%.

You could do a backup offer or just let the agent know you're interested and keep you updated.

The agent said they are unable to accept new offers. So 98%.......
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Old 06-15-2018, 04:46 PM
 
Location: Rochester, WA
3,827 posts, read 2,047,976 times
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Quote:
Originally Posted by howard555 View Post
A local property is shown on three sites.
One says pending offer. Does that mean someone else can make an offer?

Another site says it is conditional and another says under contract.
What % of under contract actually sell?

Thanks.
I have learned that the meaning of these terms depends greatly on the area where you live! The definitions vary enough that all three terms might be considered interchangeable in some areas, but not in others.

In our area "Pending" means "Under Contract". Sometimes Brokers will distinguish between "Pending Inspection" and "Pending"... but not always.

How sure is it to close? Depends on the market and the house.... nice new spendy homes in good condition? Once they go pending, they're pretty likely to close. Bank-owned fixers or other low end homes with the possibility of a lot of deferred maintenance? They will come back more often, as people go through inspection and realize what the home needs.
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Old 06-16-2018, 07:48 AM
 
Location: Medford, MA
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I wouldn't hesitate to at least let the agent know you're very interested. I've done that many times, or had a buyer come up in '2nd place' and asked to be notified if something didn't go through. I'd agree that most times it does go through, but I have definitely had a few times where we got the call asking for our offer because the other buyers walked away!
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Old 06-16-2018, 10:29 AM
 
Location: Raleigh NC
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In my market at least, there's no such thing as "unable to accept new offers" until the time it actually closes. A written offer, submitted to the party representing the Seller, must be presented to the Seller.
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Old 06-16-2018, 11:19 AM
 
Location: Salem, OR
13,740 posts, read 31,550,338 times
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In my market, there is active-under-contract which means the seller is taking showings and will take a backup offer. Pending means the house is no longer taking showings. Generally, people are active-under-contract through appraisals and then switch to pending once inspections and appraisals are cleared.

How the online sites choose to put those into categories depends on the sites. I know Zillow pulls off our pending listings.
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Old 06-17-2018, 08:44 AM
 
Location: Sector 001
7,129 posts, read 5,942,160 times
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In our area it's P for Pending, no contingencies, C if it's pending with contingencies, and K if it's pending with a kickout clause. They really only accept other offers if there's a kickout clause around here. They'll cancel the open houses if it goes pending or contingent before the open house occurs. I'm not sure if they cancel the open house with a kickout clause offer or not.
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