There are many mundane reasons why a pending offer can stay in limbo for months. These include things like inspections or a delay in the survey, the appraisal, or even homeowners insurance. It is common to see a pending sales sign appear after two or more months in a buyer's market. Market days tend to be much longer when there are fewer buyers than sellers.
But it's just as common to see the hanging sign fall back down. A sale could be canceled due to the seller's remorse, but it's a long shot. The sale of a pending home takes place after the seller has accepted an offer and the contract between both parties has been signed. When the sale of a home is pending, it is no longer considered an active advertisement on the local multi-advertisement service, which is where agents provide information about available properties.
Public sites for marketing properties, such as Zillow, Trulia and Redfin, also get information about local MLS listings. When a property is recalled in the MLS, its availability is also removed from those websites. The seller and the buyer have agreed on the price, the conditions and the date of possession and have signed the contract. A home listing that says pending means that it is no longer active and prevents other potential buyers from making a purchase offer.
The lender must approve the final sale price of the home. However, the home will normally appear as pending as soon as the seller accepts an offer. If the lender vetoes the sale and requires the seller to put it back on the market, you can go ahead and buy it. In many cases, homebuyers make an offer on a home while they are selling their own home.
First-time homebuyers can greatly benefit from using the services of an experienced real estate agent who can guide them through the homebuying process. A buyer may lose the sale of a home if the contract is conditional on the sale of their own home and this has not occurred within the specified time period. The first step in obtaining a home loan is to prepare it for a successful closing without locking it down. This means that they can withdraw their offer if their current home doesn't sell within a certain period of time.
If you're seeing a home listing that has a pending status, what you're seeing is a home that has an accepted offer from a buyer. To avoid big surprises in your buyer's home inspection report, perform a pre-inspection before listing the product. The sales agent's job is to sell the owner's property for as much money as possible and to ensure that an offer is accepted. You can usually still submit a backup offer for a home that is pending, but you may not be able to see the property.
Depending on the seller's wishes, you may not be able to see the house before making an offer. The whole process of closing a house certainly requires patience, but in the end it's all worth it when you not only hear the keys jingle, but they're in your hand. On the other hand, a seller may include an expulsion clause, which allows them to find a better buyer if the original is waiting to sell their own home. In seller markets where home inventory is limited, bidding wars often raise prices beyond the value of homes.
