Congratulations! Your new home is now in the 'pending' stage, indicating that your offer has been accepted, inspections have passed, and you're one step closer to sealing the deal. It's important to understand that this phase can be more complex than it seems. That's precisely why we've put together this Q&A blog, where we'll delve into the intricacies of pending homes and provide expert insights to make your home buying experience as seamless as possible.

Check out some common questions below and don't hesitate to reach out to us if you have any other questions. We are happy to help. Give us a call at 888-616-9885 or contact us here by filling out this short form.

#1: What does it mean when a home is listed as "pending" in the real estate market?

When a home is listed as "pending," it means that a buyer has made an offer, the offer has been accepted, and the home is under contract. The buyer can have inspections done and can back out based on the outcome of the inspections or the subsequent negotiations. Assuming those parts of the process go smoothly, a home is considered "pending" once those contingencies are resolved. The true definition: all parties have satisfied their ends of the contract and the home is simply awaiting closing day!

#2: Are there different variations of "pending" status for homes, and what do they mean?

Yes, there are variations of the "pending" status. Some homes may be listed as "active under contract" or have stipulations such as "shown for back up." These variations can indicate that there is an executed contract, but the seller is still open to entertaining backup offers or that additional contingencies exist. Confused about the home's status? Reach out to you real estate agent for details.

#3: What should buyers do when a home is in the "pending" stage?

When a home is pending, buyers should start preparing for the closing day. This includes finding movers, changing their address, packing, and handling utility transfers. They will also need to submit final paperwork to their mortgage lender and real estate agent. It's essential to be prepared but also aware that delays or unexpected issues can arise.

#4: What are some common reasons why a home sale might fall through during the pending stage?

A common reason for a home sale to fall through during the pending stage is when the buyer cannot secure a loan following their pre-approval. This is why it's important not to make any major financial changes until the sale is finalized.

#5: Can sellers entertain backup offers when their home is in a pending status?

Yes, sellers can entertain backup offers while their home is pending. Backup offers can become primary offers if the initial contract falls through, typically during the inspection renegotiation period. Offering a bid over the list price and being flexible with terms can make a backup offer more compelling.

#6: What happens if a buyer decides to back out of a deal during the pending stage?

If a buyer backs out during the pending stage, they may forfeit their escrow deposit, which is typically about 3% of the purchase price. They may also risk further legal action. The house will go back on the market for sale.

#7: What is the final step after the pending stage in a home sale?

The final step after the pending stage is either for the home to go back on the market or to fully close. If all requirements are satisfied, the home will officially close, and the buyers will receive the keys to their new property. If the deal falls through, the home will go back on the market.

Bottom Line:

The 'pending' stage in the home buying process represents a pivotal moment filled with promise and opportunity. While it denotes advancement, it's essential to grasp the finer details, as we've explored in this blog. Still have questions? Feel free to contact us 888-616-9885 or shoot us an email at leads@greenwaylending.com.

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