Many times buyers that are searching for homes on the Inernet contact us to ask us what the term 'Pending Sale' means. Basically, what it means is that you are too late and out of luck. It means that no other offers are being considered. This happens a lot to persons that believe they are search for homes on the MLS just because the homes appear to be active on the Internet...when it isn't. They believe they do not need an agent. They cannot beleive that each home they look at is no longer available. The reality is quite different...they are viewing ads on the Internet instead of live MLS data.
The term 'Pending' means the home is going to closing and that no other offers are being considered. If you are search for homes on the web, you may be making the same mistake that many potential home buyers are making...they assume they are looking at live data the MLS, they are not. What buyers are looking at is a shared listing of other brokers called "Broker reciprocity" or "IDX." That data is only required to be updated in many cases once a week. So you may be missing out on a lot of fine homes that would have been available to you if only you knew about the updated listing or status change.
If you are working with a buyer's agent they could have easily set this up for you. This way, you will be notified automatically if a new listing comes on the market, the price is reduced, the home has come bck on the market, or that the home has changed status and is no longer available.