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Your Dream Home Is Sale Pending — Here's What You Can Do

If your dream home is sale pending to another shopper, don't give up hope! With these steps, you have a better chance of making the sale a reality.

House hunting in a hot market can lead to some occasional heartbreak for buyers who find their dream home just a few weeks too late. It's common to discover the perfect home online and then scroll down to see a "sale pending" status. However, all hope isn't necessarily lost. From time to time, home sales do occasionally fall apart during the closing process. If the listing is truly the home of your dreams, there are a few things you might want to do to prepare yourself if the opportunity arises.

What Does "Sale Pending" Mean?
The definition of "sale pending" can vary depending on the market; however, in a general sense, it means that an offer has been made, the seller has accepted, and the home is under contract.

Most homes that are "sale pending" do go on to close; however, there are reasons why the sale can fall apart during this stage of the process. If contingencies have not been met, there is a greater chance that the sale might not go through — as there may be issues uncovered during the home inspection, or the seller may not be able to find a new house. After all, contingencies have been satisfied; financing can still fall through.

What To Do If Your Dream Home Is Pending

If you're interested in a home that is listed as "sale pending," you need to be prepared to act in the event the sale does not go on to close. In order to be ready, here are a few things you can do:

Express Your Interest
The first thing to do is to let your real estate agent know you're interested in the property. They can then notify the listing agent. While this doesn't mean the seller is going to pull out of the deal, knowing there is another offer on deck might mean the seller won't be as willing to negotiate with the current buyer if contingencies aren't met.
Make Sure Your Financing Is In Order
If you're interested in a home that is pending, you'll want to verify that your financing is in order, so you're ready to act fast if the sale falls through. Make sure you go through the process of getting pre-approved with your lender so your agent can quickly submit an offer in the event the sale doesn't go through.
Prepare Your Offer
Make sure to work with your agent to have the terms of your offer ready to go at a moment's notice. If the sale falls through, you'll stand a good chance if your offer is more competitive than the current buyers. In some cases, your agent may even consider submitting an offer ahead of time — just as a signal that there is additional interest. However, if the seller is under contract, they won't be able to accept your offer.

Most real estate transactions don't fall apart during the closing process, but it does happen. Cold feet, financing issues, or home inspections are the most common reasons. In the event this happens, you need to be prepared. Buying a home that is "pending" is difficult but not impossible. If it's truly the home of your dreams, it might be worth your time to put in some extra effort in the event the sale falls through.

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Your Dream Home Is Sale Pending — Here's What You Can Do

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