You’ve spent months searching for the perfect home, and you think you may have finally found it. But when you hop online to do some additional research, the home’s status is listed as “sale pending.” Are you entirely out of luck? It doesn’t say “sold,” after all. Find out more about what “pending” means on a house for sale, and what your options are if you’re interested in it.
What does sale pending mean in real estate?
A pending sale in real estate simply means that the seller has received and accepted an offer on their home. However, the deal is not yet finalized — hence “pending” and not simply “sold.” If you’re interested in a pending property, your agent should consult with the seller’s agent to learn more about the status. You may still have a chance, though it is likely slim.
Can you make an offer on a house that is pending?
In short, yes. But it may not be worthwhile. A pending deal is not set in stone, but it’s not exactly open for discussion either. Unless the pending deal falls through, you can’t simply win over the seller by offering more money or waiving certain contingencies. In fact, most sellers are contractually obligated to honor the current offer, even if a higher bid comes in.
Still, if you’re really interested in the home and counting on the current deal to fall through, you do have the option to submit a backup offer. Be sure to consult with your real estate agent for advice on the best way to move forward in this situation.
Reasons a pending sale may come back on the market
It is possible, if not likely, for a pending sale to come back on the market. There are many reasons why this could happen: Below are some common reasons why real estate purchase transactions sometimes fall through.
It’s not unheard of for a buyer’s financing to fall through before closing on the loan. Many buyers will be preapproved for a mortgage when they make an offer on a home. However, the loan is not official until it goes through underwriting and the buyer’s assets, income and any other applicable information are verified. If issues arise during this process, the loan could be denied. Financing issues that prohibit the buyer from securing financing could also surface if there have been significant changes in a buyer’s credit rating, assets or income.
Many sale contracts include a mortgage contingency, specifying the day by which financing must be secured by the buyer. Failure to secure financing …….