Pending Offer

A pending home sale takes place after the seller has accepted an offer and the contract between both parties has been signed.

Pending offer. A backup offer will try to trump the first place offer during the days and weeks when the first buyer inspects appraises and investigates. While pending certainly means that the seller has accepted an offer on the home formal ownership has not yet been transferred to the buyer and no money has been transferred to the seller. All other transactions that are contingent upon that one closing will fall apart. Here are a few of the most common reasons why.

A pending sale status means the seller has accepted an offer from a hopeful buyer but the deal hasn t closed yet. For one you can put in a back up offer. When a home sale is pending it is no longer considered an active listing on the local multiple listing service which is where agents provide information on available properties. Pending offers on average tend to last anywhere between a week and two months but delays do happen.

The accepted offer is a short sale and must be approved by additional lenders or banks outside of the buyer or seller s control which may take a long period of time to process. A longer pending offer may be due to a number of factors one possibility is that the buyers and sellers have a specific need such as moving out of state or waiting for school to be out and all. Most offer letters include clauses stating that the home seller can t cancel the sale if a higher offer comes in. Pending and contingent offers can and do fall through.

No more contingencies sale pending a deal that s truly pending is one in which the buyers have removed all contingencies. Depending on the contingency agreement language sellers might also retain the right to kick out a contingent buyer and cancel the contract if another buyer wants to buy the home without a contingency. If you find a listing that is in pending or contingent stages there are several steps you can take to get your foot in the door and potentially buy the home. Pending more than 4 months.

The buyer is locked in to buying the home. Reasons why pending offers can take longer. The accepted offer has been pending for more than four months. This is different from a contingent sale this is different from a contingent.

This offer gives the seller an option to fall back on should their current deal fall through. This means that the home is basically sold but the deed and title haven t passed on yet.