Have you ever run across the perfect home, right in your price range, only to find out that it is considered “pending sale”? Once an offer has been accepted on a Jupiter home, it doesn’t necessarily mean that it’s a done deal. Whether or not a home can continue to be shown when a sale is pending is a common question, asked by both sellers and buyers. It’s a subject that can lead to frayed nerves, no matter which side of the transaction you are on.
As either a buyer or a seller, you might have more wiggle room than you think, when it comes to pending sale homes. There are a few good reasons to consider showing your home after it’s moved to the pending status, or pursing a home that’s not yet been closed on.
Does Sale Pending Mean Sold in Real Estate?
When a Jupiter home is classified as “sale pending,” this doesn’t necessarily mean that it’s off the market. It simply means that a buyer has made an offer, and that it’s expected that the deal will go through. Unfortunately, as with any type of sale, complications do arise and “sale pending” homes can find their way back onto the market.
The moment that a contract is executed for a Jupiter property, the status is generally changed to “pending” on the Multiple Listing Service (MLS). This doesn’t, however, mean that the home might not be re-categorized as “active” again. There are several unanticipated hiccups that can happen before closing on a Jupiter home. Which is why some sellers choose to have their homes shown while in the pending status.
Interested buyers may choose to view a pending home. A buyer’s agent may show a client such a home, as long as the seller agrees. In many cases, buyers decide not to view a pending Jupiter home because they don’t want to become attached to a home that may not, ultimately, be available.
So, why are pending homes shown? Well, in some cases, buyers may want to take a chance on a back-up contract, in the hopes that the deal will fall through. During a seller’s market, when homes are quickly snatched up at top dollar, going after a pending sale might get you a good deal.
Showing Your Jupiter Home While Pending
Even if you are satisfied with the offer on the table, you may want to consider showing your home during the pending state. Sometimes issues arise that are completely out of the buyer’s control, no matter how well prepared they are to buy. If you are considering this option, it’s best to speak with a Jupiter real estate expert, who can give you the right feedback.
In any real estate sale, buyers and sellers are expected to meet certain contractual obligations. If these are not met, the buyer may decide not to move forward. Sometimes loans fall through, which can happen for a variety of reasons. A deal may be contingent on the buyer selling their current home, leaving the sale tied up for months, if not longer, another reason why some sellers choose to continue to show.
Many sales are also contingent on an appraisal of the home. If the appraisal comes in lower than expected, the buyer can, technically, walk away from the deal. If you are worried about any of these situations, it’s best to be open with the buyer and your agent.
It might be time-consuming to keep your house ready to show once you’ve got a buyer, but it can be in your best interest. In some cases, you’ll even be told that it’s advisable.
Purchasing a “Sale Pending” Home
If you’re truly interested in a home, it’s generally acceptable to make an offer, even if the sale is pending. In many cases, this offer is more than the asking price, this way if the first contract falls through you’re more likely to jump to the first in line. Some agents will continue to show the home until the last possible minute, just in case. While you shouldn’t get your hopes up, you also shouldn’t pass on an opportunity.
When making an offer on a pending home, it’s important to understand that you need to demonstrate that you’re serious. You should reach out to the listing agent and explain why you are so interested in the home. This may mean having all of your financial “ducks in a row.” You might not have to make a higher offer than the one that’s on the table, especially if the deal seems shaky, but you might. Consider your offer through the eyes of the seller. If the sale of your home had fallen through, what would you be looking for in a backup offer. What would you accept, and what would it take to keep you from re-listing the home and starting from scratch?
Having seen many ups and downs in the local real estate market, experienced real estate agents can anticipate certain situations when a home deal has potential to fall through. By making an offer and waiting to see if the contract falls through, you can potentially avoid watching the house go back on the market and then dealing with other buyers and the possibility of a bidding war. So, if you run across a home that truly captures your heart, all might not be lost, even if it is pending a sale!
Buying or Selling a Home in Jupiter, FL
Jupiter and the surrounding areas are a wonderful place to call home. Close to the urban center of West Palm Beach, it still offers many tucked-away neighborhoods with access to great schools, Florida wetlands and, of course, the beach! When you are ready to buy or sell your home, trust the pros at the Lillian Realty Group. We know the area well, and can guide you toward the home of your dreams. Contact us today to get started.
