In a nutshell:
When a property goes pending, the sellers have accepted an offer and are going through the closing process with another buyer. Occasionally, the seller will still accept offers from other buyers in case the current offer falls through during the contingency period.
How much should my backup offer be?
As agents, our hands are tied as to what we can and cannot divulge regarding pending offers, so seller's agents don't typically share the price at which they've accepted an offer. However, they may be willing to give us preferred terms or a minimum offer they are willing to accept.
If you're interested in submitting a back up offer, email us at firstname.lastname@example.org.