Sale pending is a term used in real estate that can cause confusion for buyers, sellers, and even agents. Understanding what sale pending means in real estate and what to expect during this period can help ensure a smooth real estate transaction.
Sale pending means that a property is under contract, and the sale is in progress, but it has not yet closed. When a property is listed as sale pending, it means that a buyer has made an offer on the property, and the seller has accepted the offer. However, there are still some tasks that need to be completed before the sale can be finalized, such as inspections, appraisals, or the buyer securing financing.
During the sale pending period, the property is usually taken off the market, and it's not available for other buyers to make offers. The length of time that a property is in sale pending status can vary depending on the tasks that need to be completed before closing. In some cases, a sale may fall through during the sale pending period if the buyer is unable to secure financing or if there are issues that arise during the inspection process.
It's essential to note that a sale pending property is not guaranteed to close, and it's not uncommon for sales to fall through during this period. As a buyer, it's important to continue looking at other properties until the sale is closed, and the property is officially off the market. As a seller, it's important to continue to keep the property in good condition and be prepared to put it back on the market if the sale falls through.
In conclusion, a sale pending means that a property is under contract, but the sale has not yet closed. It's important for both buyers and sellers to understand the implications of the sale's pending status and to work with a trusted real estate agent to navigate the sale process. With patience and diligence, a successful real estate transaction can be achieved.