What Is Escrow?
You're under contract, you're pending sale, you're in escrow… so, what does that mean?
All these three terms refer to a process and a step in a real estate transaction.
That step is after a buyer has made an offer and their contract has been accepted and signed. If you are the seller, this means that you have received an offer and accepted and signed the buyer's contract.
The period of time between contract acceptance until closing is considered under contract, pending, or in some states, escrow.
What happens during that time frame?
During that period of time, the buyer will work through all of their contingencies. It could be a home inspection contingency, condominium document or HOA document review, loan application, loan commitment, and/or an appraisal contingency.
Once the buyer has gone through all of their contingencies, they will then be able to proceed to closing.
So, the period of time between contract acceptance until the settlement table is called under contract pending or escrow.