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Sale Pending
Sale pending is a term mostly used by real estate agents to indicate that a sale contract particular property listing has signed, but yet to proceed to closing.
While the odds of the sale transaction taking place is low, they are not negligible.
This is because even though most transactions go through to closing after a sales contract has been agreed and signed by all relevant parties, there is always a possibility that the deal might not proceed towards that direction.
Some common reasons for this are:
- Major defects found on the property and the seller refuses to fix them
- Buyer fails to obtain financing to complete the purchase
- Buyer or seller reneges on the agreement after fierce opposition at home
- Seller decides to sell to another buy who is willing to pay much more
- etc
A sale pending status keeps other agents informed that they should not be wasting their time on a particular listing as it is expected to be off the market.
Yet it cannot be classified as closed until it is closed.
So agents might still have a chance at working on one if the sale pending status changes to open.
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