Your guide: What Does Pending Sale Mean on Zillow?
Have you been looking for a new home? If so, you might use a little website called Zillow. It can be a vortex of inspiration and sometimes we can spend hours searching for that perfect home. Well, have you ever seen the term “pending sale” for that special home you want?
Well, if you’ve ever wondered. “What Does Pending Sale Mean on Zillow” you’ve come to the right place. Keep reading to find out more.
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What Does Pending Sale Mean on Zillow
Zillow’s “pending sale” status indicates that a buyer’s offer has been accepted by the seller. The deal hasn’t closed yet, though. This state suggests that the agreement is ongoing but not yet complete. Before the property is transferred, some procedures including finance, appraisals, and inspections must be finished.
What’s the Difference Between Pending and Contingent on Zillow
It is critical to understand the difference between “pending” and “contingent.” Certain requirements, or contingencies, must be satisfied before the sale may move forward in a contingent sale.
These may be the buyer getting approved for credit or the house passing a home inspection. The sale could fail if these conditions are not fulfilled. The sale enters the pending status after all conditions are met.
What Happens During a Pending Sale?
Several things happen in the waiting phase. To verify the property’s worth and condition, the buyer sets up appraisals and house inspections. In addition, they complete their mortgage application and obtain the required funding.
Any problems found during inspections may force the buyer and seller to have additional talks. Before the legal transfer of ownership of the property, known as the closing, both parties get ready.
To guarantee a seamless transaction, careful planning and communication are required at this time. Both buyers and sellers can move through the process more skillfully if they are aware of these processes.
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Can You Make an Offer on a Pending Sale?
You can still show your interest in a house that Zillow has listed as pending. A few vendors take backup bids. A backup offer is an additional offer that becomes active if the first contract collapses. If the present transaction fails, it maintains you in line for the property, though it’s not guaranteed.
Why Sales Fall Through
Sales can fail for many reasons, including challenges with financing, defects found during inspections, or buyer reluctance. Given this, it makes sense to discuss any upcoming sales you’re interested in with your real estate agent.
How Long Do Pending Sales Last?
Next, let’s look at how long a typical pending sale lasts. Typically a pending sale can take anywhere from a couple of weeks to several months. It’s truly going to depend on a few variables like the transaction’s complexity, the parties’ effectiveness, and any potential unforeseen problems.
Delays and Extensions
Now don’t forget about all the delays that can happen during the sale process. Delays can occur due to inspection findings, appraisal issues, or financing problems. Plus, sometimes the buyer and sellers can extend the pending period to solve any sorts of issues that have come up in the process.
Conclusion
In conclusion, when it comes to shopping for homes on Zillow, don’t get detoured if you see the term “pending”. Remember, a pending sale on Zillow means the seller has accepted an offer, but the deal hasn’t closed yet.
If you want to put an offer in on a home, you totally can. Just remember, that the seller has accepted another offer however there are still a ton of hurdles to bypass for the sale to close.
By knowing the steps involved in a pending sale, you can better prepare yourself for what to expect and how to proceed. Keep in touch with your real estate agent and stay informed about any changes in the status of the properties you’re interested in. Happy home buying!