Articles and Advice
When is a real estate deal truly done, and when is the last possible moment that you can make an offer on a home you love?
Ask any experienced real estate agent, and they'll tell you that the deal is never really done until closing is complete. So a home that is classified as a "pending sale" may be very far along in the process, but the deal has not been closed.
While the seller cannot enter into a contract with you while still in a contract with another buyer, there are advantages to making an offer on a property that's pending sale when looking to buy a home, and being prepared with a strong offer means you'll be ready to pounce if for any reason the original deal doesn't close.
Pending Sale? You Can Still Make an Offer on Your Dream Home
When a home is classified as pending sale, the buyer and seller have gone a long way toward completing an agreement. A pending sale means that contingencies have mostly been met, contracts have been signed, escrow requirements have been fulfilled, and the transaction is simply awaiting the final steps of the closing process. There are a few key factors to consider when deciding whether to try to buy a home that is pending sale:
In the end, making an offer on a home that's pending sale is certainly possible and may even allow you to buy a home that you love. It's important to remember, however, that making an offer on a pending sale is not the most likely way to land a home. It may be worth the effort if you truly love the home because there is always a possibility that the original deal will fall through, leaving you first in line to purchase the home.