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.
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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:)