In the last blog, we talked about home contingencies and one of the terms we used was: pending listing. So, what does it mean in real estate? That is what we are going to explain in depth in this article.
A home in a pending listing means that the house is not currently for sale. Because, depending on the state you are, you have accepted an offer and are still negotiating contingencies. Or it can also mean that you have accepted an offer and you just need to complete the paperwork in order to close the deal.
So, if a pending status of a house for sale means that the seller has accepted an offer from a homebuyer. Is the deal going to be closed? Well, during this period of time in which a home is listed in the pending listing, there are chances that the selling of that home is going to happen, or maybe it will not. There is always a chance to make the right moves before a deal closes, so that you can make your offer and see how it goes.
Can I still buy a house that is on a pending list?
Well, in case you fall in love with a house listed as pending, just try to keep an eye on it. Because there is still a good chance you could become it’s owner in the future.
If a pending listing is not closed yet - we do not want to be negative but - there are changes that something goes wrong. Such as: a home inspection or other contingencies. So, the home could change its status from a pending to an active one. And you could have the chance to make an offer and purchase your dream house.
How can I improve my chances to buy a house on a pending list?
Here is a list of 3 things you can do in order to improve your changes in case you want really bad a house on a pending list:
- Talk to one of our real estate agents: this is why we are here for. To help you. Take your time and call one of our real estate agents in order to receive some guidance and help. A real estate agent can act on your behalf in order to let the seller know you want they property. At the end of the day, the best offer wins. Just make sure that you tell the agent how much you want it and any other information that will help you be the first one they call in case the other buyers backs up.
- Negotiate: if you really want that house, it is in your hands to do whatever it takes to make it happen. Always try to negotiate on your behalf, so you end up paying what you are financially comfortable with. Make it convenient for you but fair and attractive to the seller. You may also want to agree to waive contingency fees including closing costs or even mortgage payments. Being flexible is also one of the most important things to consider when making an offer on your dream house in pending status.
- Get personal: so, if a pending house is really your dream home, then you definitely need to put yourself out there. Talk to your real estate agent so they can help you communicate more effectively to the home seller. So they know how much you want their house. A true human connection is always going to make it easier for the seller to relate to you and feel the desire to meet your needs.
Do you know what contingent means in real estate? Check out our new article about house contingencies.
