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- What Are Netting Escrows & How Does It Work?: The Best Guide - January 2, 2024
- The Secret About Prescriptive Easement: Top Guide 1 Must Know - December 4, 2023
- About Home Equity Loans In Texas And How Can One Obtain It - November 27, 2023
About Pending Sale
Real estate can be a complex and confusing industry, and one term that often confuses buyers and sellers alike is “pending.” So what exactly does “pending” mean in real estate?
In this blog post, we’ll explore the meaning of pending, why a property might be pending, and what to do if you’re interested in a property that’s currently pending.
What does "pending" mean in real estate?
When a property is marked as pending in a real estate listing, it means that an offer has been accepted by the seller, but the sale has not yet been completed.
During the pending period, the buyer will typically perform inspections, obtain financing, and take care of other contingencies before the sale can be finalized.
Why might a property be pending?
There are several reasons why a property might be marked as pending. The most common reason is that the seller has accepted an offer from a buyer, but the sale has not yet been completed.
During the pending period, the buyer will typically perform inspections and obtain financing, while the seller will take the property off the market and prepare to close the sale.
Another reason why a property might be pending is if there are contingencies in the offer that need to be met before the sale can be finalized.
For example, the buyer might have included a contingency that the sale is contingent on the sale of their current home, or that certain repairs be made before the sale can be completed.
Finally, a property might be marked as pending if the seller has accepted an offer, but the buyer has not yet obtained financing or completed other contingencies.
In this case, the pending status indicates that the sale is not yet finalized, but that progress is being made toward completing the sale.
How To Make An Offer On A Property Listed As Pending?
Making an offer on a pending house can be tricky, but it is possible. Here are some steps to follow to make an offer on a house that’s already pending:
- Contact the listing agent: Get in touch with the listing agent and ask about the status of the sale. They can tell you if the seller is still accepting backup offers or if the sale is close to completion.
- Understand the terms of the pending sale: Find out what contingencies the buyer has in their offer, and when the closing is scheduled. This will give you an idea of how much time you have to make an offer before the sale is completed.
- Determine your offer price: Research comparable sales in the area to get an idea of what the house is worth. Make an offer that reflects the market value of the property, taking into account any repairs or upgrades that need to be made.
- Submit your offer: If the seller is still accepting backup offers, submit your offer to the listing agent. Make sure your offer is complete and includes all necessary contingencies, such as financing and inspection.
- Be patient: Even if the seller is accepting backup offers, the current sale may go through. Be patient and wait for updates from the listing agent. If the sale falls through, your offer may be considered.
It’s important to note that making an offer on a pending house can be risky, as there is no guarantee that the sale will fall through. However, if you’re persistent and patient, you may be able to make a successful offer on a house that’s already pending.
Conclusion
To conclude, “pending” is a term used in real estate to indicate that a property has an accepted offer, but the sale has not yet been completed.
If you’re interested in a property that’s currently pending, it’s important to understand the status of the sale and to stay in touch with the listing agent for updates.
With patience and persistence, you may still be able to make an offer on a property that’s marked as pending.
