As the buyer or seller, here’s what you need to do while a real estate deal is pending.
There are very few moments in life that are exciting as a homebuyer and home seller seeing that ‘sold’ badge on the For Sale sign. But as you drive through neighborhoods, you may see the occasional ‘sale pending’ badge posted instead. What exactly does this mean?
A pending home sale takes place after the seller has accepted an offer and the contract between both the seller and buyer has been signed. When a home sale is pending, the property is no longer considered an active listing on the local multiple listing service, which is where agents provide information on available properties.
A pending sale has no contingencies, and the buyer has presumably had inspections and told the buyer that he/she is moving ahead. The buyer’s loan has been approved and is now ‘locked in’ to buying the home. The final step is closing, which can take anywhere from a few days to a few weeks. Most real estate agents won’t classify a home as ‘sale pending’ until the buyer has removed all contingencies and the sale is a done deal.
Even so, a buyer can still walk away after removing all contingencies. In some cases, a buyer has an emergency and must exist the contract. If this is the case, the buyer risks losing the deposit. However, the bottom line is if you love a property with ‘sale pending’ on the sign, you may still have a chance. Although you may not able to submit a formal offer while the deal is pending, you can have your agent get in touch with the listing agent to inquire about the deal and ask to be notified if the property goes back on the market.
When you are looking to purchase a home, make sure you enlist the help of Andraya Coulter to find the best home loan to fit your needs and your budget. I assist California and Texas with all their home loan needs. Contact me to get started today!