If you’re anything like us, your favorite pastime is scrolling through home listings — which means you’ve probably seen the term ‘Sale Pending’ pop up and wondered what it actually means. Is the house officially off the market? Can you still make an offer?

So today, we’re here to officially clear up the confusion — not just about Sale Pending, but also around a few other real estate terms that tend to confuse. Keep reading for the clarity you’ve been waiting for!

The Truth Behind Sale Pending

A Sale Pending status simply means that the seller has accepted an offer, and that both parties are currently moving through the closing process. However, the deal isn’t final yet — there are still contingencies to meet, such as inspections, financing, and appraisals.

Can you still make an offer on a Sale Pending home? Possibly. If the contract allows backup offers, you might have a shot. But in most cases, the seller is locked in and can’t accept new bids unless the deal falls through.

Do you have more home-buying questions? Read these posts next to get answers:

• How Long Does it Take to Buy a House
• Do I Need to Sign a Buyer-Broker Agreement When Buying a Home in DC?
• Red Flags to Look For When Buying a Home

Other Real Estate Terms That Cause Confusion

1. Contingent: Similar to Sale Pending, a Contingent status indicates that the seller has accepted an offer, but there are conditions (aka contingencies) that must be met. These could include the buyer securing a mortgage, selling their current home, or passing an inspection. If a deal is contingent, there’s usually a higher chance it could fall apart compared to a sale that’s already pending.

2. Under Contract: In this case, the offer has been accepted, but the deal isn’t closed yet. It’s a broad term that could still involve contingencies, inspections, or other steps before the sale is finalized.

3. Off Market: This one’s straightforward: the home isn’t currently for sale. However, it doesn’t always mean it was sold—it could be temporarily removed from the market or privately listed.

4. Pending Short Sale: A Pending Short Sale means the seller has accepted an offer, but they’re waiting for lender approval before moving forward. Because the lender must agree to take less than what’s owed on the mortgage, short sales can take longer to finalize and are more likely to fall through.

5. Earnest Money: Earnest money is a good faith deposit that a buyer provides when making an offer on a home. It shows the seller that the buyer is serious about purchasing the property. The amount varies but is typically 1-3% of the home’s purchase price. The earnest money is usually held in escrow and applied toward the down payment or closing costs if the sale goes through. However, if the buyer backs out without a valid reason (such as a contingency failure), they could lose this deposit. On the flip side, if the seller backs out, the buyer typically gets their earnest money refunded.

6. Assumable Mortgage: An assumable mortgage allows a homebuyer to take over the seller’s existing mortgage instead of applying for a new loan. This can be a big advantage if the seller’s mortgage has a lower interest rate than what’s currently available. Not all mortgages are assumable, but when they are, the buyer usually still needs to qualify based on their creditworthiness and financial status. At the end of the day, this type of mortgage can make a home more attractive to buyers (especially in a high-interest rate environment), since they can inherit a better loan term rather than securing new financing at a higher rate.

Did we miss anything? Keep reading about some of the most misunderstood real estate terms right here.

Final Thoughts

Real estate lingo can be confusing, but understanding these terms can give you an edge in the home-buying process. If you’re serious about a home that’s Sale Pending, work with a real estate agent to explore your options — you never know if a deal might fall apart, opening the door for your dream home.

Looking for expert guidance in your home search — from navigating the lingo to closing the deal? Let’s connect today and find the right property for you — whether it’s Pending, Contingent, or ready to go!

Give us a call today at 202.280.2060 or email jsmira@jennsmira.com to get in touch with our team today!