If you found what your dream home and it has a “Sale Pending” sign, don’t be discouraged. Many people assume if a sale is pending, the home is completely off the market and they shouldn’t consider it. It is certainly not always the case so keep your head up and your eyes open to the deal. In most cases the deal will go as planned and the home will go to the original bidder but in some cases the deal can fall through.
There are a couple real estate terms to help understand what “sale pending” means. Buyers typically make officers “subject to” a property inspection, bank appraisal or full loan approval. Other times, buyers will make the offer “contingent upon” the sale of their current home. If that buyer can’t get financing, sell their home or resolve issues with their seller, the buyer may exit the contract. If you placed a bid on the home and the buyer exits the contract, you may be next in line to win the sale.
When there are no more contingencies for a buyer to fulfill, the buyer is locked in to buy the home. This is the time period when real estate agents label the home as “pending” until the deal is done. Buyers may still walk away after removing all contingencies, but it is much less likely unless of an emergency.
As long as if you kept your eyes peeled on the home and made an offer just so your name is on the list, you could very well end up with the home of your dreams! Either way if you didn’t feel comfortable making an offer at the time, watch to see what happens so that if the deal falls through. You can be the first to make a bid. Even if you found the home of your dreams while house hunting and the sale is pending, be sure to save yourself the possible heartache and never assume a deal is going to fall through. If you go throughout the process assuming that a buyer is going to back out, there will most likely be more disappointing moments than happy moments when trying to find the right home.
No matter the situation, always pursue your dream home. Call vLoan today at 1-844-77-vLoan to schedule a free consultation and get the process started early with a free online rate quote.