Pending sales are a real estate term that represents homes that have been accepted by their owners but still need to go through the final stages of the transaction. These can include securing financing, transferring earnest money and other upfront costs to an escrow account, and fulfilling any contingencies that might be included in the final contract.
If a buyer makes an offer on a pending sale, that means they’ve submitted a signed contract and a mortgage application to their lender. Their offer is now in the hands of a real estate agent who will manage the process until a closing date is set.
As a buyer, you can’t make any changes to your offer during this stage. That’s because the seller will still be obligated to accept it, even if a higher offer comes in.
During this time, you’ll need to do all the research necessary to determine if there are any outstanding issues on the title of the home, such as liens, judgments or other unpaid property taxes. These may prevent you from purchasing the home if they are discovered before the closing date, which is why it’s critical to work with a good title company that will check everything out. Click here https://www.southernskyhomebuyers.com/tn/gatlinburg/
Your real estate agent can help you understand these issues and help you negotiate with the sellers to resolve them before you make an offer. It’s important to communicate with your agent and follow up often to make sure the deal doesn’t fall through.
In many cases, a pending sale falls through due to a variety of reasons. The first is that the buyers may not qualify for a mortgage loan. This is especially common for first-time buyers who might not have a lot of experience with the mortgage application process.
Another common reason that a pending sale falls through is that buyers might have buyer’s remorse and decide to walk away from the deal altogether. This can happen if the buyers discover serious problems during a home inspection, for example, or if they decide they no longer want to live in the home.
Lastly, there’s also the possibility that a seller might be unhappy with your offer. They might want to sell their home quickly for a higher price than yours, or they might have other reasons they’re not happy with your offer.
While a pending sale isn’t final, it can be an ideal opportunity to make an offer on the home you’ve been dreaming of. However, be prepared to work harder for your dream home if it’s on the market as a pending sale.
A home that is pending can sometimes fall through, but there are many things that can go wrong during the sales process. Some of these problems include financials falling through, failed inspections, and the buyer’s decision to walk away from the deal.
But as long as you have a backup offer ready, you can be confident that you’ll be able to buy the home if your initial offer doesn’t get through. Your agent can also help you put together a package that will be attractive to the sellers, so they’ll be more likely to accept your offer.