Sale pending (or “offer pending”) simply means that a buyer has submitted an offer and the seller has accepted it. In other words, this isn’t the sort of situation where you can simply opt to outbid all the other buyers – it’s already past that point.
However, in California “Sale Pending” or “Pending” status means the sellers have an accepted offer and they feel solid about it closing. “Pending Bring Backup” or “Contingent” is telling you the sellers are not convinced it’s a done deal or it needs approval from a court/bank trustee or attorney.
- 1 What is the difference between pending and contingent?
- 2 Can a realtor show a house that is pending?
- 3 Can a pending sale fall through?
- 4 Why would a house be pending for so long?
- 5 Is pending or contingent better?
- 6 How do you beat a contingent offer?
- 7 Can a seller accept another offer while under contract?
- 8 Can a seller back out of an accepted offer?
- 9 Why do houses go from pending to back on market?
- 10 What causes a pending sale to fall through?
- 11 What percentage of homes fall through?
- 12 Why do home sales fall through?
What is the difference between pending and contingent?
A property listed as contingent means the seller has accepted an offer, but they’ve chosen to keep the listing active in case certain contingencies aren’t met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.
Can a realtor show a house that is pending?
Realtors can continue to show a house that is pending. If this is the case, sellers will allow the Realtor or real estate agent to show the property during closing. Due to the many reasons a pending sale can fall through, it is not uncommon for sellers to continue to show the property.
Can a pending sale fall through?
A sale that is “under contract” means an agreement has been made between the seller and buyer, but the sale is still subject to contingencies. In a “pending sale,” contingencies have lapsed, and the deal is near closing. A pending sale can still fall through if there’s an issue with financing or the home inspection.
Why would a house be pending for so long?
“In the event the contract close date is delayed for funding or repair issues, the pending status would continue until there’s a resolution — or the contract is terminated,” Ross says. “This can go on for a long time.”
Is pending or contingent better?
Is pending or contingent better? If a property is listed as contingent, the sellers has accepted the offer, but there are certain contingencies that need to be met, so the property is still active. If a property is listed as pending, however, the contingencies have been met and the sale is being processed.
How do you beat a contingent offer?
Here are just a few that can help you beat out the competition:
- Get approved for your mortgage.
- Waive contingencies.
- Increase your earnest money deposit.
- Offer above asking price.
- Include an appraisal gap guarantee.
- Get personal.
- Consider a cash offer alternative.
Can a seller accept another offer while under contract?
A seller cannot accept another offer if the listing became “in-contract.” A home is “in-contract” after the buyer and the seller have signed the contract. The buyer needs to pay the downpayment at the time of signing.
Can a seller back out of an accepted offer?
The contract has yet to be signed – If the contract hasn’t been officially signed, a seller can back out of the deal at any time without any issues. If the seller doesn’t want to wait for the buyer to find another source of financing, then they are allowed to walk away from the deal.
Why do houses go from pending to back on market?
1 The pending sale will go back to active if the loan is rejected due to a buyer’s impulse financing. It’s also possible that buyers might not have knowledge of liens or judgments filed against them. This can also affect their creditworthiness so the loan the buyer thought he had in place can ultimately be denied.
What causes a pending sale to fall through?
One of the most common reasons a pending sale falls through is that the buyer isn’t able to qualify for financing. There is always the possibility that a buyer has a change in their status, such as losing a job or acquiring additional debt.
What percentage of homes fall through?
How often do house sales fall through? The frequency of fall-throughs changes month by month, so there is no headline figure. But in recent years, there have been times when half of all property sales have fallen through after the sale has been agreed, whereas at other times, the figure is more like 20 to 30%.
Why do home sales fall through?
A closing may fall through for many reasons, including title-insurance surprises, buyer financing rejections, inspection failures, and lowball appraisals. Once a buyer and seller agree on the general purchase terms such as price and timing, they still need to settle a slew of details and confirm key stipulations.