You’ve finally found the perfect home that meets all your needs. The trouble is, it’s listed as sale pending. Just what does “sale pending” mean, and should you give up hope of ever buying this house? Here’s what you need to know about homes that are listed as sale pending, and what you can do to increase your odds of being the chosen buyer.
What does sale pending mean?
If you see a home that’s described as sale pending, then it means that the seller has accepted an offer on the house. However, it’s important to understand that sale pending does not mean that the sale has closed. It simply means that the property is under contract, and all the terms of that contract must be fulfilled for the sale to go through. It also means that there’s still a chance the home could go back on the market if the inspection uncovers problems or the buyer can’t secure financing.
Can you still see a home that has a sale pending?
It’s possible that you can still get a tour of the home if there is a sale pending. After all, the home is still technically on the market. But whether or not you can see the home is mostly dependent on whether or not the seller allows it. If the seller feels confident that the sale will go through, then they may not have any additional showings. But if you’d really like to see the home, talk to your agent. They may be able to convince the seller’s agent to schedule a showing for you. Or at the very least, your agent can let the seller know that if the current sale should fall through, that you are very interested in seeing the home.
Get information about the property
Are you really serious about buying the home? Then you need to find out as much as you can about it. You will need to act quickly if the sale falls through and you want to be ready. Contact the listing agent to find out more about the home and whether or not it may go back on the market. While it may feel too aggressive, it’s important that you’re on the listing agent’s radar. You should also research the address online and acquire the property tax records. The bottom line is – you need to decide now whether or not you really want the home, so that you can be the first to jump in if the sale falls through.
Get preapproved
This should go without saying, but we’ll say it anyway – get pre-approved for a mortgage now. Shop around for the best terms, submit your financial paperwork, and get a preapproval letter from the lender. You want to show the seller you’re a sure thing, especially if the first sale fell through because of financing.
Submit a backup offer
Finally, work with your agent to submit a backup offer on the home. It can be submitted while the home is sale pending. Consider what you can do to make your offer as attractive as possible. This could include having fewer contingencies or offering more money. Just be sure that you are comfortable with the terms of the deal. Stay in touch with the listing agent until the sale is finalized or it falls through so that you’re first in line.
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