If the house you were driving past for a couple of days says pending or under contract, don’t give up just yet, fate could be on your side. Who knows?
A house being under contract or pending doesn’t mean it’s off the market. You still have a pretty good chance of owning your dream home.
There’s a good chance that your dream house will land in your hands. To understand how that can happen, you must learn the difference between a pending house and an under-contract one.
When a property reaches the market, anyone can put an offer on it. Your real estate agent is responsible for getting it on the market, finding the best clients, contacting other agents, and putting up the for sale sign on your front yard.
As long as the home is available, buyers are welcome to check it out, and the sellers are open to offers. A serious buyer will contact you themselves or through a real estate agent. Sometimes the buyer will add a contingency with the offer. It is totally up to you. If you reject the bid, the buyer will respectfully walk away; if not, you can get started on the paperwork immediately.
With your agent’s advice, you can decide how much time you’ll take to consider an offer and whether you should make a counteroffer or accept the offer.
If you’re interested in an offer, you can start negotiating with the seller. You aren’t bound to that particular seller until the sale is final, so it’s okay to consider other options.
The pending sign on a house means the property owners are very close to selling it. The property has undergone a contract and a home inspection, and it is very likely to get off the market unless a contingency occurs.
In case of a contingency, the potential home buyers will be forced to back out of the deal. And have no ownership over the property.
When you hear that a house is under contract, know that the seller has accepted an offer. The seller is now in the process of reaching the terms of the agreement over the place.
During the process of settling the documents, the contract is in jeopardy. This means the contract isn’t finalized yet and can be broken. Though the offer is discussed and both parties have agreed on one mutual ground, a mortgage is still required to seal the deal.
The house will also have to undergo a series of inspections to check if everything is in order. The buyer can put forth other conditions, such as repairs for the house and other modifications.
If the home inspection doesn’t bring good results, the buyer can reconsider, make a counteroffer, or ultimately back out of the deal.
However, if the house seems to be in good condition but the buyer couldn’t come through with the mortgage, the seller can have the contract terminated.
By reading the information above, we’re sure you’ve figured out that even if a house has a pending or under contract sign on it, it can still be bought if contingencies arise. No sign would be seen if the house was off the market.
However, under-contract homes are more accessible to buy than pending ones as there are other complications in a pending home, and the deal is almost done.
Backup offers are your best bet. You can make an offer on the house as sellers are open to new offers if the original contract does not go through. That means the seller will choose a backup offer if the current offer doesn’t work. Instead of listing the dwelling on the market again, sellers will consider the backup offer.
If you’ve got the place of your dreams by placing an offer on the pending or under contract home, then you need to immediately move into the new location.
But, listing your house and finding the right buyer can be exhausting. That is where we come in. We buy houses directly for cash without any obligation. You don’t have to worry about paying a real estate agent commission or renovating your home. We make everything easy for you and buy your house as-is.
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