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The Ins and Outs of Pending Sales: Understanding the Process

The Ins and Outs of Pending Sales: Understanding the Process

Pending sale in real estate is a term that indicates a property is under contract, but the deal has not yet closed. While it may seem like the home is no longer available, there are still opportunities for interested buyers to potentially purchase the property. By being proactive, informed, and prepared, buyers can increase their chances of securing their dream home.

It’s important to remember that until the contract is complete, and the sale is a done deal, there’s still a chance for other buyers to make an offer and potentially purchase the property.

On average, most houses stay pending for 30-60 days, although this can vary depending on the specific circumstances of the sale. A house can come out of pending if the transaction falls through, such as if the buyer is unable to secure financing or if the inspection reveals major issues with the property. Option pending means that the seller has given the buyer a certain amount of time to consider the purchase and make a decision.

It is possible to outbid a pending offer, but it can be difficult. The seller may choose to stick with the original offer if it is more favorable, or they may choose to negotiate with the new buyer. A house may go from pending to for sale if the transaction falls through, or if the seller decides to cancel the sale for any reason.

Houses may go from pending to back on the market for a variety of reasons, such as if the buyer is unable to secure financing or if the inspection reveals major issues with the property. A pending house on Realtor.com means that an offer has been made and accepted by the seller, and the transaction is in the process of being completed.

A seller can legally accept another offer while under contract, but it can be difficult if the original buyer has already invested time and money into the transaction. Appraisers can use pending sales as comparables if they are similar to the property being appraised, but they must be careful to use only closed sales as the final value.

It is not unusual for many houses in a market to be pending, as it can indicate a high demand and low inventory. Under contract pending means that the sale is under contract but has not yet closed. Gazumping in real estate refers to when a seller accepts a higher offer from a new buyer after an offer has already been accepted by another buyer.

To make your interest in a sale pending home known, you can reach out to the listing agent and express your interest in the property. You can also make an offer, but be aware that the seller may choose to stick with the original offer if it is more favorable. It’s important to be prepared and have your financing in place, in case the seller decides to move forward with your offer.

In essence, a pending sale in real estate refers to a property that has gone through the process of closing but has yet to be closed on. This means that agreements have been made, contracts have been signed, and all contingencies have been met, but the final closing has not yet taken place. It is important to note that a pending sale is not final and the deal can still fall through.

Pending sales may be worth looking into, as they can offer opportunities for buyers to enter the market. The main difference between a sale pending and a contingent sale is that a sale pending is in the final stages of closing, while a contingent sale has conditions that must be met before closing.

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