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There’s a Sale Pending. Should I Make an Offer?
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When you found your dream home, but there’s already an offer pending, what exactly does this mean for you? A sale pending doesn’t necessarily mean the property is sold.
There are many different things a sale pending can mean. Take a look at next slide.
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Subject To or Contingent UponGenerally, a buyer places an offer on a home “subject to” or “contingent upon” various procedures, such as a property inspection, an appraisal and loan approval.
If the home doesn’t appraise, there’s an issue with the property inspection or financing falls through, then the contract is void and the home is once again available.
Active ContingentAnother type of contingency is “active contingent” or “active with conditions”, which means that the buyer has a timeframe to complete the necessary procedures such as the home inspection and if all goes well then the contract is a done deal. Sellers can accept backup offers.
No More ContingenciesWhen a pending sale has no more contingencies, it means that there are no contingencies left and the buyer and seller are locked into the contract.
There’s a Sale Pending. Should I Make an Offer?
So, if you find your dream home and there is a pending offer, take a good look at the status of the pending offer, and note, even with a no more contingencies sale pending the buyer can still walk away from the home.
If the home is your dream home, it definitely does not hurt to put in a backup
offer.
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There’s a Sale Pending. Should I Make an Offer?
There’s a Sale Pending. Should I Make an Offer?
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Find out any information you can on the home, such as inspections that have been performed and the results, and discuss the pending offer with your agent to determine the possibility of the deal falling through and an offer to make on the home yourself.
There is always a chance that the deal will fall through, but don’t be too excited that it may as a majority of the time a sale pending is a sold home.
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