Can you still make an offer on a pending house

Understanding everything that goes along with a pending status can be challenging. Learn more about this type of listing by reading the following questions and answers.

Can a real estate agent show a pending home?

A pending status means a home sale isn’t complete. So, in theory, you could still visit the property. But as we mentioned above, if the seller signed a contract without a kick-out clause, they won’t be able to accept showing requests or offers for their home. Most buyer’s agents will also discourage you from viewing a pending house since it can be a waste of time.

What’s the difference between contingent and pending offers?

One of the things you’ll occasionally come across is a property that is listed as contingent. There is a difference between contingent and pending offers in real estate.

A property that’s listed as contingent means that the seller has accepted a contingent offer but is choosing to keep the property listed in case certain conditions aren’t met. For example, maybe the home inspection contingency was triggered when the seller refused to make repairs, or an appraisal contingency wasn’t satisfied when the property received a lower than expected value. Either scenario could cause the sale to fall through.

If the property is listed as pending, that means the contingencies have already been met, and the buyer is preparing to close on the property. In other words, you have a better chance of purchasing a property that’s listed as contingent than a pending home sale.

How long is a home sale pending?

How long a home is listed as pending depends on the buyer and the seller, and there are no hard and fast rules. But on average, homes are listed as pending for 30 ­­– 60 days. If the buyer is paying in cash, they may close on the house much sooner.

Why might a pending sale fall through?

There are many reasons why a pending sale could fall through. One of the most common reasons is that financing issues suddenly come up. For instance, if the buyer’s loan application is denied and they’re unable to secure financing, the sale cannot proceed.

In addition, major issues can come up during the home inspection. If the inspection reveals structural problems with the property, the buyer and seller will need to renegotiate the home price. If they’re unable to agree on a new price, the sale might fall through.

A lender may also cancel a purchase agreement if the house is a short sale, meaning the homeowner listed the property to avoid foreclosure. For this type of transaction, the lender gets to approve who can buy the home. If the buyer doesn’t meet the lender’s requirements, the property will be relisted.

Furthermore, the buyers may back out of the deal due to cold feet. Buyer’s remorse can happen more often in a fast-paced real estate market. That’s because buyers may not feel comfortable slowing down the purchase to fully evaluate if they actually want to buy the property or not.

And finally, the home could be appraised lower than the listing price, meaning the buyer would have to pay an additional sum of money to account for the difference.

Your search results

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.

Can a house come out of pending?

What does it mean when an offer is pending?