Is your dream home truly off the market when its listed as pending?
Congrats, the sale of your new home is pending!
Unfortunately, thatdoesntnecessarily mean smooth sailing from here on out.
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The pending status on homes is a loaded term.
A home is not off the market until the sale is closed.
Anything can happen until the sale closes, saysAndrew Pasquella, a Realtor at Sothebys International Realty.
Keep homes on your list until they are fully sold.
Miracles happen in real estate on a daily basis.
Pending is the last stage of the selling process.
However, you might notice there are some gray areas between those stages.
This can also be used if a third party or court still has to approve the sale.
At this point, Barnes says sellers are no longer showing the home.
If youre confused or unsure about a homes status, ask your agent.
That is not a surprise you want to get a few days before closing.
Delays can also occur.
Once a home is pending with no showings, it most often closes.
That includes making major purchases, taking out new loans, etc.
Entertaining Back-up Offers
As a seller, you should keep your options open.
Most sellers would be encouraged to accept backup offers, Pasquella says.
In fact, most listing agents will want to continue to show the property until the house sellslet them!
Back-up offers can only come into play if the initial offer falls through.
The most common way back-up offers become primary is during the inspection renegotiation period, Barnes explains.
Whats After Pending?
The problem is you might then forfeit your escrow deposit.
The house will then go back on the market.
Lets say your buyers are still on board and youve all satisfied your requirements.
That means your home is officially closing.
