Explanation on Pending - Milford Real Estate Explanations

As a first time home buyer sometimes the terms I use may be foreign to you, so here is an explanation of “PENDING”  ?  When a piece of Milford real estate goes “pending”, it means they have an accepted offer on the home.

Pending means the Milford home seller and a buyer have reached an agreement on the terms and have signed a purchase contract.  There are two ways that this Milford home can come back on the market. 

1.)  The buyer could decide they do not like what the home inspector found out about the house.

2.)  The buyer’s mortgage could not go through.

Those are usually the two reasons a Milford home would go back on the market.  But don’t bank on that happening and get your hopes up.  It is rare that a home goes back on the market after being marked “Pending”.  Ask me to call the other agent and to tell them to put us on a list if the home should fall through.

So no you can’t go see the house.  So no you can’t put an offer in on the house, even if it is better.  It is too late.  So the explanation of “PENDING” is that that Milford home is off the market and “pending closing”.  They are going through the steps of getting it to the closing table.

I hope this explanation of pending clears up any questions you have. Check out both the home buyer tips and first time home buyer tips for lots of articles on buying a home.  The articles in each section are different and there is lots of useful information on what to expect when buying a Milford home or any Southeastern Michigan home.

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