Everything You Need To Know About Sale Pending Listings
There it is! You’ve found it! The search is over! A newer build with three bedrooms, two and a half bathrooms, a spacious backyard, and a two-stall garage—in the right neighborhood! You’ve worked closely with a realtor. Your months of patience have finally paid off. Wait, it says sale pending. What does sale pending mean? Join the team at Amy Stockberger Real Estate (ASRE) in Sioux Falls to learn more.
What does pending mean in real estate listings?
Basically, sale pending—or offer pending—means a buyer has submitted an offer on the home and its seller has accepted said offer. Game over, right? Not necessarily. ASRE real estate agents will tell you, just because the seller has accepted an offer, that doesn’t mean the deal is closed. This is one of the many reasons you may find pending homes in search results. The sale isn’t done until it’s done!
Can a pending sale fall through?
Absolutely! A pending sale can fall through for multiple reasons. From a denied mortgage application to a property lien, both buyers and sellers can cause a home’s status to go from “offer pending” to “active.” Below are some of the more common reasons that real estate agents report for why a pending sale might fall through.
- The homebuyer’s financing has been denied
- The buyer can’t sell their current house
- The seller has a property lien that needs to be cleared
- There may be a title issue that needs to be cleared related to the land portion of the home
- The property’s home appraisal is lower than the sale price
- A major issue (or issues) was discovered during the home inspection
Can a seller back out of a pending sale?
As the agents at Amy Stockberger Real Estate will tell you, no, a home seller is not able to back out of a pending sale. Buyers, however, can exit a sale contract. This scenario is much more likely to occur with first-time homebuyers that are new to the process.
Most commonly, these clients may have made an error in their budget or miscalculated how long it takes from offer to closing, causing them to enact a contingency within the sale contract in order to back out of the sale.
A Sale Pending Doesn’t Mean the End of the Road
Moral of the story? While you can’t make an offer on a home that’s sale pending, you shouldn’t give up if it’s a house you truly want to buy. Always contact the seller and your agent and let them know you’re interested.
Negotiations On Pending Homes Are Possible
You may also be able to negotiate with the seller. This means making a higher offer or proposing attractive terms such as paying the closing costs, waiving a mortgage contingency, or providing them with flexible moving dates. This is something your realtor or real estate agent can help you accomplish.
Are you relocating or looking to buy a home? The Amy Stockberger Real Estate team is the best in Sioux Falls, SD. We’ll help you find the perfect home. Fill out our contact form to connect with us today!