You’ve been house hunting for what feels like forever, and finally, you think you’ve found the one. But when you look online and see the dreaded words: “sale pending,” your heart sinks. Does that mean you’ve lost your chance at buying this home? Not necessarily! Let’s break down what “sale pending” really means and how it can still be an opportunity for hopeful buyers, especially if you’re looking at properties like Brigade Citrine, a well-known project.
What Does Sale Pending Mean in Real Estate?
In real estate, “sale pending” means that the seller has accepted an offer, but the deal is not final yet. The home is still in the process of being sold, which usually involves steps like home inspections, appraisals, and securing financing. Essentially, it’s a home in limbo between “for sale” and “sold.”
How Does a Sale Pending Status Occur?
A property goes into a “sale pending” status after both the buyer and seller have agreed on the terms of the deal. This typically happens once the buyer has made an offer, and the seller has accepted it. At this point, both parties start working through various stages of the sale, such as inspections and appraisals, before closing the deal.
What’s the Difference Between Sale Pending and Under Contract?
While “sale pending” and “under contract” might seem similar, they represent slightly different phases in the real estate process. When a home is under contract, it means that there are still contingencies that need to be met before the deal can proceed. On the other hand, “sale pending” suggests that all contingencies have been met, and the transaction is in its final stages, just waiting to close.
Can a Sale Pending Deal Fall Through?
Yes, a sale pending deal can still fall through. Even though it’s not common, several factors can cause a deal to collapse, bringing the property back onto the market. Let’s look at the common reasons why a sale pending might fall through, especially when it comes to projects like Brigade Citrine Price, which can influence decisions.
Financing Issues
A primary reason a sale pending deal falls through is financing problems. While many buyers are pre-approved for a loan when they make an offer, final approval only happens after the loan goes through underwriting. If any issues arise with the buyer’s income, credit, or financial status during this time, the loan could be denied, causing the deal to fail.
Home Inspection Problems
A home inspection is a crucial part of the sale pending process. If significant issues like foundation cracks, plumbing problems, or electrical hazards are uncovered during the inspection, the buyer might decide to back out of the deal—especially if the seller is unwilling or unable to make the necessary repairs.
Appraisal Issues
Most lenders require a home appraisal to ensure that the property is worth the amount the buyer has offered. If the home appraises for less than the agreed-upon price, the buyer’s loan may not cover the full amount, which could lead to the deal falling apart if the buyer can’t make up the difference or renegotiate with the seller.
Buyer Remorse or Personal Circumstances
Sometimes, life throws a curveball. Buyers may back out of a deal due to personal reasons, such as a job relocation or family emergency. While they may forfeit their earnest money, it’s not unheard of for a buyer to cancel their purchase, leaving the home back on the market.
Is a Sale Pending Home Still for Sale?
While the home is technically off the market during a sale pending status, it’s not completely unavailable. Let’s explore what that means for you as a potential buyer.
Can You Make an Offer on a Sale Pending Home?
Yes, you can still make an offer on a sale pending home, but it’s important to manage your expectations. The seller is usually contractually obligated to honor the current offer, so unless that deal falls through, your offer might not even be considered. However, if you’re truly interested in the property, submitting a backup offer is an option.
What Is a Backup Offer?
A backup offer is a secondary offer that comes into play if the initial deal falls through. While it’s not a guarantee, it’s a smart move if you’ve fallen in love with a home that’s already sale pending. Essentially, your offer is next in line, ready to take over if the current buyer backs out.
How Often Do Sale Pending Homes Fall Through?
Although not incredibly common, pending sales do fall through from time to time. Studies suggest that about 3-5% of real estate deals that reach the pending phase fail to close. This is typically due to financing issues, appraisal discrepancies, or problems discovered during home inspections. So, while the odds aren’t high, it’s not impossible that a home listed as sale pending could come back on the market.
Can a Seller Accept Another Offer During Sale Pending?
Typically, no. When a property is marked as sale pending, the seller has already committed to the accepted offer and is usually bound by the terms of the contract. However, there are instances where the seller may accept backup offers in case the first deal doesn’t go through.
What Should You Do If You’re Interested in a Sale Pending Home?
If you’re still interested in a sale pending property, here are some steps you can take:
Stay in Contact with Your Agent
Your real estate agent is your best resource. They can monitor the status of the sale pending home and let you know if any changes occur. If the current deal starts to unravel, you’ll want to be ready to make your move quickly.
Submit a Backup Offer
Submitting a backup offer doesn’t guarantee that you’ll get the home, but it does position you as the next buyer in line. If the current deal falls apart, you’ll be the first to step in with your offer.
How Does Sale Pending Affect Buyers?
If you’re a buyer looking at a sale pending property, the situation can feel tricky. While you can still express interest in the home, it’s important to understand that you’ll be waiting for the current deal to potentially fall apart. It’s a waiting game that requires patience and a bit of luck.
How Does Sale Pending Affect Sellers?
For sellers, a sale pending status brings relief, but it’s not a done deal until closing. Sellers should continue working closely with their agent to make sure all contingencies are met, and the buyer stays on track with their financing and inspections. While the sale is almost complete, it’s important to stay vigilant until the closing day.
What’s the Difference Between Sale Pending and Contingent?
A contingent sale means that an offer has been accepted, but certain conditions—called contingencies—still need to be met. For example, the buyer may need to sell their current home first, or a home inspection might need to be completed. In contrast, a sale pending means that all contingencies have been satisfied, and the home is closer to being sold.
Key Tips for Buyers and Sellers in the Sale Pending Phase
For Buyers
- Stay ready: If you’re seriously interested in a sale pending home, make sure you’re prepared to move quickly in case the deal falls through.
- Get pre-approved: Make sure your finances are in order so that if the opportunity arises, you can jump right in.
- Be patient: While it’s hard to wait, remember that pending deals don’t always go through
For Sellers
- Stay in communication: Keep a close line of communication with your agent and the buyer to make sure all contingencies are handled.
- Prepare for contingencies: Be ready to deal with any issues that arise during inspections, appraisals, or financing.
Conclusion
Seeing your dream home listed as “sale pending” can be frustrating, but it doesn’t necessarily mean the door is closed. While the odds of getting the property are slim, it’s not impossible. Keep in touch with your real estate agent, consider submitting a backup offer, and stay hopeful. You never know—things could still go in your favor!
