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Old 11-15-2016, 10:09 AM
 
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We have seen real estate signs all over town. Some say For Sale, others say Sold. Websites we see Under Contract.

A couple of new terms have been seen in recent days.

A property for sale on a real estate website showed it as pending.
A few days later it now shows conditional.

Pending - what are the possibilities? such as an offer is on the way and not received yet.
Same for conditional? which may be existing tenants that need to leave before the buyer proceeds?
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Old 11-15-2016, 11:07 AM
 
Location: Just south of Denver since 1989
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Here in Denver "Pending" & "Under Contract" are the same. Our MLS only uses "Under Contract" some websites use "Pending."

We do not have a status called "Conditional" we do however have a conditional sale deadline in our contracts for the Buyer's to sell a property.
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Old 11-15-2016, 11:21 AM
 
12,018 posts, read 10,360,946 times
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Quote:
Originally Posted by howard555 View Post
We have seen real estate signs all over town. Some say For Sale, others say Sold. Websites we see Under Contract.

A couple of new terms have been seen in recent days.

A property for sale on a real estate website showed it as pending.
A few days later it now shows conditional.

Pending - what are the possibilities? such as an offer is on the way and not received yet.
Same for conditional? which may be existing tenants that need to leave before the buyer proceeds?
Pending would mean an offer is in place and a contract to proceed with the sale is signed
Conditional I've never seen but I would assume it means that the home will be sold if the buyer is qualified and meets all conditions.
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Old 11-15-2016, 12:50 PM
 
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If I were a seller I would not want any of these terms attached (pending, conditional, under contract) until I had a signed offer in hand that I was about to accept.

A promise of an offer is worthless.
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Old 11-15-2016, 01:11 PM
 
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Maybe a status of pending could be used as a marketing tool. Property is pending and depending on what it means to that specific agent, Mr. and Mrs. Jones were planning to make an offer and they see pending and realize it's time to make a higher offer while it is still not under contract.
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Old 11-15-2016, 01:46 PM
 
12,018 posts, read 10,360,946 times
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Quote:
Originally Posted by howard555 View Post
Maybe a status of pending could be used as a marketing tool. Property is pending and depending on what it means to that specific agent, Mr. and Mrs. Jones were planning to make an offer and they see pending and realize it's time to make a higher offer while it is still not under contract.
On Realtor.com Pending means an offer has been made and accepted. Next is inspection and appraisal. If any of that or the loan falls thru it is listed again. That site also has a filter where you can exclude pending sales becuase it's basically a waste of time, they will most likely be sold.
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Old 11-15-2016, 04:15 PM
 
Location: NC
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My observation is that Pending means the contract is negotiated and signed and the financing has been obtained. All that is needed is the closing. Under contract means that an offer has been made and the due diligence and terms of the contract are in the progress of being fulfilled. If any conditions are not met, the house could go back on the market. Conditions might include acceptance of repairs or ability to get a loan.
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Old 11-15-2016, 05:20 PM
 
Location: Saint John, IN
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In my experience....Pending or contingent means the home is under contract to close on a specific date. Conditional means an offer has been accepted, but the buyer has a home to sell before they can proceed with the purchase or financing to still obtain. Under conditional the buyer can be bumped by another buyer who has no conditions.
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Old 11-15-2016, 05:52 PM
 
Location: Howard County, Maryland
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Quote:
Originally Posted by CGab View Post
In my experience....Pending or contingent means the home is under contract to close on a specific date. Conditional means an offer has been accepted, but the buyer has a home to sell before they can proceed with the purchase or financing to still obtain. Under conditional the buyer can be bumped by another buyer who has no conditions.
This.
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Old 11-15-2016, 09:09 PM
 
Location: Raleigh NC
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it depends on your market, and how your agent explains it to you. if your agent can't explain it very clearly, then you need another agent.
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