Seattle MLS Statuses:
Two of my listings went from "Pending Inspection" status to "Pending" status in the Seattle area MLS this last week. I know I have had a lot of questions over the years as to what the status actually means when buyers are searching for houses in the MLS or on other Seattle home search sites. Seattle real estate is complicated enough without having to wonder what the status marked in the MLS actually means, so here you go:
"Pending Inspection"
The offer has been accepted but is contingent upon successful negotiation of the inspection contingency. In plain English: the buyer and seller have agreed to price and terms for a sale, but the buyer wants to have the home inspected to uncover any possible problems or hidden defects. There is an agreed upon inspection period in which the inspection needs to happen and any issues arising from it need to be negotiated out.
"Pending"
The inspection contingency has been satisfied and both buyer and seller are waiting for transaction to close. This does not necessarily mean the purchase will close. Other contingencies could also be in place such as a financing contingency to make sure financing is available and successfully obtained by buyer. Another contingency? Homeowner's Association, Title, Condominium Resale Certificate, etc. There are a number of other contractual "escape hatches" a buyer has prior to close. Have your agent call the listing agent on properties if you are really interested to check on the status.
If you need help with Seattle real estate or checking the status of a Seattle area house, please feel free to email me at realestate@cooperjacobs.com.
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
Contrary to popular opinion, Buyer Inspection Period is not an opportunity for a "free look". The Buyer must act in "Good Faith" when making a decision to cancel during the inspection period. Deciding they no longer like the floor plan doesn't count.....
With our contract language, the buyer is allowed to escape the contract even if they decide they do not like the color of the paint, but I do agree with you that all should be in good faith:)