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Pending Sales: What They Mean and What
You Can Do
Understanding Pending Sales
When you see a property listed as "pending," it
means that a buyer has made an offer on the house, and the seller has accepted
it. However, the deal isn't finalized yet. There are still a few steps to
complete before the sale can close.
Common Contingencies in Pending Sales
- Financing: The buyer needs to secure a mortgage or other financing to
purchase the property.
- Inspection: A professional inspector will examine the property for any
potential issues.
- Appraisal: A lender will order an appraisal to determine the property's
value.
- Title Search: A title search ensures that the property is free of any liens
or claims.
Why Are Pending Sales Important to You as a Buyer?
Even though a property is pending, it doesn't mean it's
completely off the market. Understanding the pending stage can help you make
informed decisions about your home search.
Here's what you should know:
- Potential for Change: A pending sale can still fall through. If
the buyer can't secure financing, finds major issues during the
inspection, or the appraisal comes in lower than expected, the deal might
be canceled.
- Backup Offers: Some sellers are open to accepting backup offers. This means
that if the original deal falls through, you might have a chance to
purchase the property.
- Market Insights: By watching pending sales, you can get a better sense of the
market. You can see how quickly properties are selling, what prices are
being offered, and what types of buyers are interested in similar homes.
What Can You Do If You're Interested in a Pending Property?
- Reach Out to the Listing Agent: Ask if the seller is considering backup
offers. If so, you can express your interest and see if you can submit an
offer.
- Stay Informed: Keep an eye on the property listing. If the status changes to
"active," it means the original deal fell through, and you might
have an opportunity to make an offer.
- Consider Other Options: If you're really interested in a particular
neighborhood or type of home, don't limit your search to pending
properties. Look for other listings that might be a good fit for you.
Remember: Even
if a property is pending, it's always worth checking with the listing agent to
see if there's a chance for you to make an offer. By understanding the pending
stage and staying informed, you can increase your chances of finding the
perfect home