In Athens, the terms pending or under contract are interchangeable. Technically, pending refers to being under contract pending contingencies.
Contingencies may include getting through the due diligence period, primarily the home inspection. The listing should be switched from pending to under contract when the due diligence period ends. However, there is still the financing and appraisal contingency that could cause a sale not to close.
Active – Home is on the market and available for sale. There are times when the status doesn’t get changed right away.
Pending (or Pending Contingencies) – An accepted contract with outstanding contingencies (usually the due diligence period that is specified in the contract) should be listed as “Pending Contingencies”.
Under Contract – When “Pending” status is used, it should be changed to “Under contract” after contingencies have been satisfied. The financing contingency will usually last longer so even “under contract” doesn’t mean it’s final.
Pending with Kick-out – There is an accepted contract with a contingency for the buyer to sell another property. This contingency usually has a “kick-out clause” of 24-72 hours, allowing the buyer to remove the contingency if another acceptable offer is negotiated.
Withdrawn – The seller has decided to take the home off the market. This may be because they decided not to move, or maybe they just didn’t get any offers they liked. It never hurts to ask about the withdrawn properties.
Closed – The sale is final.
It’s not unusual for a status to stay in “pending” status after due diligence is over, even though there are specific rules about how the status should be handled. Once a property is listed as “under contract”, it’s usually a pretty solid deal.
A few times, I’ve called for showing appointments to be informed that “it’s closing this afternoon!” Clearly, the status should not still be “active”!
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