As a homebuyer, you understand the unlikelihood that you will find a home that is perfect in every way. Reasonably so, you are willing to sacrifice some features to get a home that will work for your needs. But, what happens when you do find that perfect home and it is pending sale?
Unfortunately, perfect homes tend to attract the attention of buyers quickly. So, this scenario is not as far-fetched as it may sound. Also, it is important to remember that pending sale is not the same thing as sold. With a little bit of luck, that perfect home could still be yours.
What Does It Mean?
A house that is pending sale is not yet sold. The homeowner has an offer, but it has not yet closed. If financing falls through or the inspections reveal something that the current homebuyer is not prepared to deal with, the home could still be yours.
What Can Be Done?
Contact your REALTOR® and explain the situation. Your agent can contact the home sellers agent and inquire as to the true status of the pending sale. Your agent can also plead a case for you as a buyer. If possible, you may be able to obtain footing as a backup offer. As a backup, you would be first in line if the current contract falls through.