House to Home

Sale Pending – Defined

Posted by Morgan Saylor on 2/15/17 7:30 PM

You’ve spotted a home you’ve fallen truly, madly, deeply in love with online but – oh, no! It’s labeled with “Sale Pending”. Can you still put in an offer? What exactly is the availability status of the property?

Brandon Desimone via Zillow Porchlight writes that a buyer generally makes offers
“subject to” certain condition – be it appraisals, inspections, or full loan approvals. They may also make it “contingent upon” the sale of their current home. If any of the aforementioned issues aren’t resolved, they could exit the contract.

When a pending deal is one which, Desimone writes ‘the buyers have removed all contingencies, the buyer is “locked in” to buying the home”. That’s when an agent will label a home as “pending”.

Ask your agent to reach out to the listing agent to find out about the status, inspections, and so on. It may not be a done deal just yet. For more on this, check out Zillow Porchlight here. [INSERT LINK]

Source: http://www.zillow.com/blog/sale-pending-what-does-it-mean-should-you-make-an-offer-139370/

Topics: Sales, Home Sales, bowling green, ky, georgetown, ky, elizabethtown, ky, florence, ky, new albany, in, pending, breckenridge, Somerville,TN, louisville, ky, jeffersonville, in, lebanon, ky, ashland, ky, berea, ky, richmond, ky, clarksville, tn

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