The real estate market can be a complex and confusing landscape for both seasoned and first-time homebuyers and sellers. Terms like “pending” and “under contract” may be encountered as you navigate through Zillow or other property listing sites. Understanding the difference between these terms can be vital in helping you make informed decisions. In this article, we will explore the differences between Zillow pending and under contract and outline the benefits for both buyers and sellers.
What is Zillow Pending?
On Zillow, a pending status means that the seller has accepted an offer from a potential buyer, but the sale has not yet been completed. During this stage, the property is undergoing various processes, such as inspections, appraisals, and other contingencies before the deal is finalized. In some cases, pending sales may still fall through due to financial or other unforeseen issues, thus returning the property to the active market.
What is Under Contract?
Under contract is a term used in the real estate market indicating that a buyer has made an offer on a property, and the seller has accepted the offer. This stage marks the beginning of the legal process, as both parties work towards closing the deal. While under contract, the seller typically stops actively marketing the property.
Understanding the Difference Between Zillow Pending and Under Contract
Although both terms indicate that an offer has been accepted, there are subtle differences between Zillow pending and under contract.
– Specific to the Zillow platform.
– Signifies that the property is nearing the end of the transaction process.
– Indicates that most contingencies have been addressed, and there is a higher chance that the deal will close successfully.
Zillow Under Contract
– Can be found on multiple real estate platforms, not exclusive to Zillow.
– Implies that the property is in the early stages of the transaction process.
– Indicates that there may still be a range of contingencies to address before closing the deal, increasing the risk of the transaction falling through.
Benefits of Zillow Pending and Under Contract for Buyers and Sellers
Recognizing the distinction between Zillow pending and under contract can provide an array of advantages for both homebuyers and sellers.
Benefits for Buyers
– Gain a clearer understanding of the property’s status, allowing you to make better-informed decisions.
– Monitor pending properties as they may return to the active market if the sale falls through.
– Determine if it is worthwhile submitting a backup offer on a property that is under contract, guiding your property search strategy.
Benefits for Sellers
– Effectively communicate the property’s status to potential buyers.
– Accurately gauge the level of interest in your property by monitoring online activity.
– Strategize your marketing efforts according to the property’s current status (e.g., reducing marketing efforts when under contract).
In conclusion, comprehending the key differences between Zillow pending and under contract can empower both homebuyers and sellers to navigate the complex real estate market with confidence. By leveraging this understanding, you can make more informed decisions and maximize the success of your property search or sale.