What Does Pending Under Agreement Mean
When a home is in default, it means that the seller has accepted an offer from a buyer. Although most pending home sales end, an agreement may still fail if the seller cannot get financing, change his mind about the sale or find a problem with the home. Until all documents are completed, a house waiting is technically still on the market. Many real estate agents still allow you to see a home, even if it has an open offer, but it depends largely on the seller`s wishes. CTG – contingent. There is a signed and accepted offer. In other words, there is a legally binding agreement between the buyer and the seller. Yes, it`s true, UAG and CTG status in MLS essentially mean the same thing – that there is a signed and accepted offer between the buyer and the seller. If a property is allegedly under contract or conditional or contractual, active or contracted, or has a signed offer, it means the same thing. That is, there is a signed and accepted offer between the buyer and the seller. And that means the property is not currently for sale.
This is typical of an accepted offer to have contingencies. Standard quotas include domestic and parasitic controls, mortgages and (for condominiums) and budget audits. Contingencies offer a buyer the opportunity to terminate a transaction. This means that a property below the accepted offer could eventually return to the market (BOM). Under accepted offer does not always lead to SALE (SLD). However, keep in mind that if a property is under accepted offer, there is a legally binding agreement between buyer and seller. Other potential buyers cannot cancel an accepted offer – this is a legally binding agreement between buyer and seller. Why are some properties with accepted MLS offers labeled UAG and others as CTG? Good question. The decision to list a property with an offer accepted in the MLS as a UAG or CTG is always a judgment call for the seller concerned and it is the seller`s decision to make.
The choice of CTG is a way to signal to the market that there are one or more contingencies in the accepted offer that must be met and that the property could be put back on the market. Of course, this can also happen for a property marked in MLS with the UAG designation. It is important to remember that UAG and CTG essentially feel the same way, namely that there is a signed and accepted offer between the buyer and the seller. Making an offer for a pending home is something other than an offer for a home that has no offers.