Santa Maria First Time Home Buyer Alert: What Does “Pending” Mean?

Santa Maria First Time Home Buyer Alert: What Does “Pending” Mean?

      

First time home buyers driving around Santa Maria or looking on my websites may see a home or condo marked “pending” and wonder what that means.  Properties are marked “pending” when the seller has accepted an offer on the home.  Once an offer has been accepted, the property is marked “pending,” and the buyer places their initial deposit on the home into escrow.  The escrow company serves as a neutral intermediary during the sale.  While the buyer performs their inspections (including a home inspection), reviews the disclosures provided by the seller, and secures their financing the home remains “pending” until the transaction closes.

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