What Does Sale Pending Mean & Should You Make an Offer?
Searching for the perfect home can be tedious and frustrating until the anticipated moment finally comes when you stumble upon your dream home that satisfies all of your needs and desires. However, there may be one issue- it’s sale pending. Does this mean your dream home you are looking to buy is snatched right out of your hands before you can even picture yourself in it? Not exactly. A pending house sale does not mean a dead end, your dream home may still be available for you.
Sale pending essentially means that the seller has accepted an offer, but the deal is not final and still remains open. This differs from contingent sales which are still active listings due to the fact that they are eligible to fall out of contract if requested provisions are not met. A property moves from being a contingent sale to a pending sale the moment a contract is executed. A pending sale has all contingencies satisfactorily addressed or waived and it is no longer considered an active listing. A home will remain in the pending state until all legal work has been processed. Despite its inactive listing, ‘pending’ does not mean a ‘sold’ house. If the inspection doesn’t check out or the buyer can’t pull together the financing then the house will not be sold to them.
Pending sales may put up roadblocks in acquiring your dream home, but these barriers are possible to break down. So, what can you do? Can you make an offer on a pending house sale? Typically, the listing agent is no longer accepting offers once the property is listed as pending sale, so you won’t be able to place your bid formally. Instead, have your real estate agent get in touch with the listing agent to inquire about the deal and in order to receive a heads-up if the property goes back on the market so you can make an offer before other buyers. Finding out how many other offers there are on the home and whether there are any potential concerns about the initial bid can be used to your advantage in your own bid. If you can’t imagine this home being taken away from you and are financially comfortable, you could consider offering more than the asking price. Being open to negotiation is one of the best things you can do to improve your odds of getting the home you want most.