Knowing when a sale is pending is crucial for agencies and agents involved in the sales process. Check the actions of a listing to change from active to pending.
1. Offer Acceptance:
In real estate, we consider a sale pending when the buyer and seller have signed the offer or counteroffer; you must document this critical milestone immediately.
2. Change Listing Status:
As soon as an offer is accepted, the listing agent should promptly update the property’s status from “ACTIVE” to “PENDING”, or “PENDING C” in the Flex MLS online system. Pending “C” indicates that the accepted offer is subject to Conditions, Contingencies, or other matters of Due Diligence that may render the listing ACTIVE again, if not fulfilled.
3. Contingencies and Due Diligence:
During the pending phase, buyers often have a period to conduct due diligence. These may include executing escrow agreement, making initial deposits, inspections, appraisals, and securing financing. In the event that conditions and/ or contingencies are not met by either party, the transaction can be cancelled and the status returned to ACTIVE.
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Knowing when a sale is pending is crucial for agencies and agents involved in the sales process. Check the actions of a listing to change
