You’ve been on the house hunt and haven’t found the right property. But then, you come across a home you really like. Only to discover that it’s a pending sale. So, you wonder how to buy a property that’s a pending sale. Is this even possible? And, if so, how does one go about the process? After all, the buyer and seller have mutually agreed to go forward with the transaction, which means you’re just plain out-of-luck. But, this isn’t exactly the case. In fact, there is hope for you. Let’s take a look at some helpful pending sale buying information.
A Pending Sale isn’t a Done Deal
First of all, you should know a very important statistic. That is, about 1 in 10 or ten percent, of all pending sales never make it to or past the closing table. And, in hot markets like Orlando, that number generally rises. Pending sales fall through for a number of reasons. It could be due to things found during the home inspection, a lack of buyer qualification, a low home appraisal, non-performance by the buyer or the seller, and more.
“Often times, real estate agents continue to market a property until all major contingencies have been met. As such, it would not be out of the question for the property to be shown to other prospective buyers until the final loan commitment letter is issued by your lender.” —Realtor.com
Just because there is a sale pending doesn’t mean it’s final. There are several due diligence measures that must be completed to satisfaction first. And, even if everything goes well, the buyer or seller could have a change of circumstances which prevent the deal from going forward. The point being, not everything is lost. Although, it’s more likely the sale will eventually go through, it’s definitely not set in stone. And, if you are proactive and become part of the equation, those two things alone will greatly increase your chances of buying it yourself.
Pending Sale Buying Options You can Use
The key is to stay positive but also be realistic at the same time. So, don’t just focus on this one house because there are others out there for sale. Plus, you have to keep in mind that you can always go with other property and customize it incrementally to make it the right fit. Here are some pending sale buying options you can try out:
- Contact your agent right away. A bit of inside baseball is a great piece of news. And, that is, seasoned listing agents won’t take a pending sale off the market right away. Instead, they will continue to market it since there’s always a chance the sale will fall through. So, get it touch with your buyer’s agent right away and let them know you’re interested in the house.
- Get in touch with the listing agent. At the same time, have your buyer’s agent speak with the listing agent. This way, he or she will know there is another interested party in case the deal goes awry. You should also take the opportunity to submit your own purchase offer immediately. Go with a strong offer to show just how serious you are about buying the house. You might even consider dropping one or more contingencies.
- Be ready to be the next in-line for the house. Be sure that you have all your ducks-in-a-row. Your financing, down payment, earnest money, closing costs, and more should all be ready-to-go at the spur of the moment.
If you’re going to sell your home in the near future and buy a new house, please don’t hesitate to phone me at 407-616-7286, I’ll be happy to speak with you.