A home with real estate pending status means that the house is not currently for sale. However, this, somewhat of a gray area, is oftentimes confusing to homebuyers. If you are wondering about a pending listing for sale, it is best to talk to a real estate professional. When a home is in escrow, the home’s assets, earnest money, and important contracts are protected while contingencies are met including a home inspection, repairs, and general upgrades. However, not all property sales will include an escrow for protection during the time a property has a pending status.
The home buying process all starts with the listings you browse. You will need to search for homes in the right location for your work and family needs, and also talk to a real estate professional about the types of amenities you need. If you are able to find a home for sale that includes all of the things you are looking for, and it also fits within your budget, there still could be one little hangup: it’s pending.
What Does Pending Mean in Real Estate?
You may wonder, “What does it mean when a house is pending?” A pending status of a home for sale means that the seller has accepted an offer from a homebuyer with the intention of closing the deal. However, during the time the home sale is listed as “pending,” there is a chance that their sale will fall through, so you could still be the next owner of your dream home even if it is a pending sale. If the sale of the property you want is pending, you may still have a chance of making it your home, if you make the right moves before it closes.
Can I Buy a Pending Listing?
If you fall in love with a home listed as pending – keep an eye on it. There is still a good chance you could become the homeowner in the future. If a pending listing has not closed, it is possible that an inspection could go wrong, money will not be exchanged, or other contingencies will fail to be completed. If this happens, the home may be re-listed or the status could be changed, giving you a chance to purchase the home.
If you want to get your hands on a piece of property that is up for grabs again, because of a failed home inspection, or a lack of buyer financing, you can improve your chances.
How Can I Improve My Chances?
Do not give up hope if your heart belongs to a home with a pending listing status. Here are five ways you can improve the chances of becoming the homebuyer of a pending property listing.
- Talk to An Agent – Take the time to call the offices of Jeff Barchi, and speak to a real estate agent. You may think that you do not have the time, or do not need the help of an agent, but think again. Many real estate agents are able to show a property to buyers up until the last minutes of a pending property sale, hoping to get the best offer. If you want the seller to know you want the property, call a real estate agent that will act on your behalf. Make sure that you tell the agent how much you want the home and any other information that will help you be the first one they call in case there are any issues closing the sale.
- Get Information – Remember that real estate is on your side. Using your agent to dig up the dirt on the property you want is the best way to improve your chances of being the homeowner. Consider what you need to know about the listing and ask your agent to find out everything they can about the home, the neighborhood, and the community. Once you have gained insight into the listing from your real estate agent, you can get an even more firm grasp on the details of how to close the deal on the property for yourself.
- Negotiate – If you really want a house, you have to do what it takes to make it happen. That does not necessarily mean that you have to fork over the highest bid, but it does mean that if you are financially comfortable, you should negotiate the closing price. When you make an offer, you want it to be attractive to the buyer and also agree on terms that make the sale convenient. You may agree to waive contingency fees including closing costs, or mortgage payments. Being flexible, and open to negotiation is one of the most important pieces of making an offer on your dream house in pending status.
- Get Personal – If the pending property really is your dream home, you definitely need to put yourself out there. Talking to a professional real estate agent can help you communicate more effectively to the seller how much you want the house. Then, you may also increase your chances of closing the deal with a personalized letter to the seller. This type of human connection makes it easier for the seller to relate to you, and feel a desire to meet your needs.
- Be Aggressive – You may be wondering how far you should go to in order to get your dream home in pending status. One of the biggest mistakes potential homebuyers make is being passive. If the seller has a sense that you really want the property, they are more likely to close the deal with you than another buyer who is dragging their feet. An aggressive approach is NOT a bad idea when you are shopping for your dream home. Tell the seller what you want, why you want it, and what you are willing to do to make their house your new home. It just may tip the scales in your favor to make phone calls, write emails, and follow up with a real estate agent in order to show the seller just how much you want the house.
Talking to a professional real estate agent is the best way to start the home buying process. Call the offices of Jeff Barchi to discuss your needs. You can make any property your dream home – even in pending status. Call today!