When it comes to buying a home, there are many different terms and concepts that you need to understand in order to make the best decisions for yourself and your family. One of these terms is “pending sale.” You may have come across this term when browsing listings for homes in your area, and you may be wondering what exactly it means. Well, don’t worry – we’re here to help! In this article, we’ll break down everything you need to know about what it means when a house is pending for sale.
What Does Pending Sale Mean?
So, what exactly does “pending sale” mean? In simple terms, it means that the seller of a home has accepted an offer from a buyer, but the sale has not yet closed. The house is no longer actively being marketed, as the seller has agreed to sell the property to someone, but the deal has not yet been finalized. This period can last anywhere from 30 to 45 days, during which time the buyer and seller work through the details of the sale.
Why is a House Pending Sale?
There can be several reasons why a house is pending sale. For example, the seller may have received an offer from a buyer that they’re happy with, and the two parties are now in the process of finalizing the details of the sale. This can include things like inspections, appraisals, and securing financing. Once all of these details have been ironed out, the sale will close and the house will officially change hands.
What Happens During the Pending Sale Period?
So, what happens during the pending sale period? There are several steps that need to be taken in order to finalize the sale of a home. These steps can include:
- Home inspection: The buyer of the home will typically hire a professional inspector to assess the condition of the property. If any issues are found during this inspection, the buyer and seller may negotiate repairs.
- Financing: In order to purchase the home, the buyer will need to secure financing. This typically involves working with a lender to secure a mortgage.
- Appraisal: In some cases, the lender may require an appraisal of the property to ensure that it’s worth the price that the buyer and seller agreed upon.
- Closing: Once all of the details have been finalized, the buyer and seller will sign the closing documents and the sale will be complete.
Can You Still Buy a Pending Sale House?
While a house is pending sale, it’s still technically possible to buy it. However, it’s highly unlikely that the seller will accept another offer at this point, as they’ve already agreed to sell the property to someone else. If you’re interested in a pending sale property, you can reach out to the listing agent to ask about the status of the sale. In some cases, the sale may fall through for one reason or another, and the property may become available once again.
In conclusion, understanding what it means when a house is pending sale is a crucial part of the home-buying process. By knowing what happens during this period, you’ll be better equipped to make informed decisions and navigate the process with confidence. If you’re interested in a pending sale property, don’t hesitate to reach out to the listing agent to ask about the status of the sale. With this knowledge, you’ll be well on your way to finding the perfect home for you and your family!