I got an email this morning and it isn't the first time I have been asked this question:
I was looking at properties on XXXXXXXXXXXXXXXXXXXXX I fell in love with this property. I saw though that under its status it says pending feasibility. What does that mean?
To put it simply, it means that someone has put in an offer on the property, but they want to have a study done to make sure they can do what they would like to do with it before they actually purchase it.
Our MLS has many "Pending" statuses and "Pending feasibility" is usually used for a vacant property while "Pending Inspection" is primarily used for residnetial properties with improvements such as a house.
Interesting side note: In this particular case the old home had been taken off the property and the land was ready for a new home to be built on it. The problem is that the property is a Lake Washington waterfront property and when they took down the old house all of the grandfathered in building codes were lost and any new owner has to start almost from scratch.
Courtney Cooper
Seattle Realtor, Owner/Designated Broker/EcoBroker
Cooper Jacobs Real Estate
206-850-8841
(Seattle real estate - search all MLS listings from all companies for FREE), SeattleAfloat.com (Seattle Houseboats), GreenLakeLoop.com (Green Lake Blog), QueenAnneBoulevard.com (Queen Anne Blog), MagnoliaView.com (Magnolia Neighborhood Blog)
About Me:
Seattle real estate has been a big part of my life for well over a decade since I began my career in real estate,but also before that time when I was in the process of purchasing my own first home. Buying your first home can be quite overwhelming,but I have managed to help many first time home buyers along the way.
Move up Seattle buyers and other types of specialized purchasing is a great passion of mine! I love Seattle houseboats and you can find me down on the docks of Lake Union and Portage Bay several times a week. Other aspects of Seattle real estate that I adore include Queen Anne Real Estate,Wallingford Real Estate, Ballard Real Estate, Green Lake Real Estate, Laurelhurst Real Estate, Magnolia Real Estate,andSeattle Waterfront Real Estate.
In addition to being a Seattle residential broker and founder of Cooper Jacobs & Seattle Afloat, I am also a member of CBA (Commercial Brokers Association) and head of the Cooper Jacobs Commercial Division in an effort to provide excellent commercial real estate services to the Seattle commercial real estate industry. With a background in accounting and management, it is my great pleasure to coordinate our Seattle commercial brokers.
About Cooper Jacobs Real Estate's Seattle Branch:
My office at Cooper Jacobs Real Estate LLC is located centrally near all my favorite Puget Sound neighborhoods just a few blocks up from Lake Union in Seattle’s Wallingford. Cooper Jacobs Real Estate is a wonderful place filled with talented Seattle real estate brokers and I count myself extremely lucky that I get to spend so much time with these wonderful people. We specialize in different Seattle neighborhoods and suburbs in both residential and commercial real estate and are all very passionate and excited about each of our favorite Seattle neighborhoods and industries!
©Courtney Cooper ©Cooper Jacobs Real Estate LLC
We only have to statuses, pending and backup. Looking for backup before contingencies are removed and then pending when it all contingencies have been removed.
It's amazing to me how much MLS systems vary depending on location. It can be very confusing for a customer when they moved from another location where the terminology/system was different. Great explanation!
It is amazing what is different customs in different parts of the country. I learn something new here every day!
Renee - you and Jane do have some amazing tools on your blogs - I wanted to thank you again - I have been playing with them:)
It is very important to know what can and can't be done on a property before you can buy. Many investors lost a lot of money a few years ago because they bought without checking.