Tuesday, February 21, 2017

Do You Know the Difference Between Sale Pending and Under Contract?

Sale-Pending-in-Real-Estate
Is a home that is labeled as "Sale Pending" worthy of pursuit or totally unobtainable?  When a buyer makes an offer to purchase a home it is typically "subject to" or "contingent on" inspections, appraisals and/or loan approvals.  The seller understands the buyer has intentions of closing on the home but first must be sure the property is in good condition and financing is available. Otherwise, the buyer can cancel the contract.  Once the buyer is satisfied with inspections and has been approved for a loan, all contingencies are removed and the sale is pending. The buyer in essence is locked in to purchase the home. Important to note is that should a buyer need to exit the contract it is still possible to walk away at risk of losing the earnest money deposit.  So, when a property is labeled "Sale Pending" there might still be a chance to step in should the first deal fall apart.

Basically, a home that is under contract means the buyer has made a formal offer that has been accepted by the seller. Back up offers would be welcomed and the listing agent will probably continue showing the home because the deal can very easily crumble. Who knows?  There may be a surprise lien on the property, appraisals could come back low thus affecting the home loan, or problems could be discovered during the inspection leading to renegotiations. 

Although there is a difference between sale pending and under contract it might not be significant.  There is still a chance that if you fall in love with a home that has one of these labels, you might be able to snap it up and call it your own.

For more information on home sales in Tampa Bay and Florida's Gulf Beaches contact Kohan & Associates at 727-565-1658 or www.Suncoasthome.com.

4 comments:

  1. Your information is a beneficial. That’s great to read this blog, you are a good and having the wonderful knowledge about home sales. Really appreciable, thanks for sharing this wonderful blog. Courtenay home for sale

    ReplyDelete
  2. I am attracted by the presentation of this article. This information about real estate. is really good. I really appreciate your work. It is a gainful article for us. Keep posting. Thank you. chehalis washington real estate

    ReplyDelete
  3. You have provided valuable data for us. It is great and informative for everyone. Keep posting always. I am very thankful to you.
    New Home Saskatoon

    ReplyDelete
  4. Moreover, you can easily and efficiently relocate your office, irrespective of the volume, consuming very less time by taking advantage of the moving services. The moving services are highly advantageous for your pocket and, most importantly, for the peace of your mind. Moving Near Me

    ReplyDelete