What does Sale Pending mean?...can someone still buy the house if it is
I was interested in a house a while back, but the last time I checked it said "Sale Pending". I want to know exactly what that means?....can someone else still look at, or buy the house?
Someone has made an offer to purchase the property, and the seller has accepted that offer. And now it is going through the process of appraisal, survey, title search and loan process. The closing date has been set. Now, having said that, things happen sometimes that cause that sale to fall through ie job loss, etc. So if you really like that house you can do 1 of 2 things. See if you can make a back up offer (for the just in case)or 2 watch to see if it closes when it is scheduled to, and if not, it may come back on the market again, so mark your calendar.
This my house. TERRIBLE HOA, when the train runs 24-7 the house rumbles, but the 11:50 pm freight train is like an earthquake going off. I put in over $10K in the backyard, but just a terrible place to live. I ended walked away from it to move to another state
Sale Pending means that a home is under contract, depending on the local MLS board's rules. Backup contracts can be submitted in most cases, but it usually means that the home is about to change hands.
Here in California it means that the home is under contract with or without release of contingencies, i.e. sale will be contingent upon sale of another property, etc. Property will continue to be shown and offers accepted depending of the stage of the Pending process. Read a more detailed explanation on my blog. http://activerain.com/blogsview/2152294/pending-wi...
Run as fast as you can away from this condo. The don't release that most were bankruptsy sales, on the Railroad tracks and close to on of the worst areas of SJC
Sale pending means there is an accepted offer on the property. In Santa Clara County's multiple listing system there are 3 categories for pending sale:
1) pending release, meaning there is either a lender approval needed (if it's a short sale) or the buyer has a home to sell to complete the deal. You can usually arrange to still see the home with this status.
2) pending show, meaning there are contingencies on the property (usually loan, appraisal, property, title and perhaps HOA) that must be met before the deal is considered solid. As you might guess from the name "pending show" you can usually arrange to see the home during this status.
3) pending do not show, which means all of the contingencies have been met and the parties are going through the final paperwork to close the deal. You can figure out that it's not possible to see a home with this status.
With both status 1 & 2, you may be able to submit a back-up offer. Then if the accepted offer backs out, you can step in to become the new accepted offer.
Apartments in San Jose, CA
Real estate in San Jose, CA
What does Sale Pending mean?...can someone still buy the house if it is
I was interested in a house a while back, but the last time I checked it said "Sale Pending". I want to know exactly what that means?....can someone else still look at, or buy the house?You must have a HotPads account to post. If you already have an account, please login or create an account.
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1) pending release, meaning there is either a lender approval needed (if it's a short sale) or the buyer has a home to sell to complete the deal. You can usually arrange to still see the home with this status.
2) pending show, meaning there are contingencies on the property (usually loan, appraisal, property, title and perhaps HOA) that must be met before the deal is considered solid. As you might guess from the name "pending show" you can usually arrange to see the home during this status.
3) pending do not show, which means all of the contingencies have been met and the parties are going through the final paperwork to close the deal. You can figure out that it's not possible to see a home with this status.
With both status 1 & 2, you may be able to submit a back-up offer. Then if the accepted offer backs out, you can step in to become the new accepted offer.
your reply:
You must have a HotPads account to post. If you already have an account, please login or create an account.