Whats the Difference between Pending and under Contract on Zillow

When searching for a home on Zillow, you might come across the terms “pending” and “under contract” and wonder what the difference is between them. Both indicate that a property is no longer available for sale, but there are some nuanced differences that are important to understand.

Simply put, a property that is marked as “under contract” on Zillow means that the seller has accepted an offer from a buyer, but the sale has not yet been finalized. This means that while the property is technically unavailable for sale, there is still a chance that the deal could fall through and the property could become available again.

On the other hand, a property that is marked as “pending” on Zillow means that the sale has been finalized and the property is no longer available for sale. This is the end of the road for the property as far as the MLS is concerned.

The reason for the difference between “under contract” and “pending” is because the process of buying a home is often complex and involves multiple steps. After a seller accepts an offer from a buyer, there are still several steps that need to be completed before the sale can be finalized. These steps can include things like getting an appraisal, obtaining financing, completing inspections, and more.

During this time, the property is considered to be “under contract” because there is a legally binding agreement between the buyer and seller. However, the sale is not yet final and there is still a chance that the deal could fall through. For this reason, the property is not marked as “pending” until the sale has been completed and the property is officially off the market.

So, why is the difference between “under contract” and “pending” important? For one, it can give you a sense of how likely it is that a property will become available again. If a property is marked as “under contract,” there`s still a chance that it could become available again if the deal falls through. On the other hand, if a property is marked as “pending,” it`s almost certain that the property will not become available again.

In addition, understanding the difference between “under contract” and “pending” can be helpful for real estate professionals who are working with clients. If a client is interested in a property that is marked as “under contract,” the agent can help the client keep an eye on the property in case it becomes available again. However, if a client is interested in a property that is marked as “pending,” the agent will need to help the client find a different property to purchase.

In conclusion, while the terms “under contract” and “pending” might seem interchangeable at first glance, there are important differences between them that are important to understand. By knowing the difference between the two, you can get a better sense of how likely it is that a property will become available again and make more informed decisions when searching for a home on Zillow.