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When you’re home hunting after getting preapproved for a mortgage and you see that the home’s listing has the word “pending” attached to it, then it means that you will probably not be able to buy that property.
When a home is pending, you cannot outbid another buyer for the property, unless the sale falls your chance to buy the home is absolutely bleak.
Even if you put in an offer on a pending home because the home is still technically on the market you can’t outbid the other buyer because the seller, has accepted their offer, and now can’t cancel the sale even if they receive another offer at a higher price.
So it is a waste of time for an agent as well as homeowner to show their properties when they have a sale pending.
A pending sale usually takes from a few weeks to 60 days to close. During this time, the buyers will pay for a home inspection, get any repairs done if needed, secure their finances, and check the home’s title.
Very rarely do the pending home sales fall through the most common reasons being:
- Financials fall through
- Due to failed home inspections
- Because of buyer’s remorse
- Low appraisal
Even if you are allowed to make an offer on a pending home, such offers turning into a sale is rare hence it’s best to focus on homes that are on the market.
When you get pre-approved for a mortgage before you start shopping the process would be faster and you and your lender would be more aware of the budget.
