A sale that is “under contract” means that an agreement has been reached between the seller and the buyer, but the sale is still subject to contingencies. In a “pending” sale, the contingencies have expired and the deal is close to closing. A pending sale can still fail if there is a problem with the financing or inspection of the home. Pending home sales fall more often than you'd expect.
There are several common causes, ranging from a poor home inspection to the sudden discovery of prohibitive liens. Fortunately, sellers can take preventative steps to help minimize the risk of their sale failing. When a home is pending, it means that the seller has accepted an offer from a buyer. Although most pending home sales are going to close, a deal can still fail if the seller is unable to obtain financing, changes his mind about the sale, or finds a problem with the home.
Perhaps the biggest contributor to the drop in outstanding home sales revolves around financing. Loan approval may simply fail, or the money the buyer needs for a down payment may not materialize. There is no way to know for sure if any of these problems are likely to occur. But sellers can take the proactive step of contacting the buyer's lender to check their financial soundness.
There's nothing wrong with seeing what the likelihood of a buyer being approved is.