{"id":51121,"date":"2021-12-20T19:19:36","date_gmt":"2021-12-21T03:19:36","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=51121"},"modified":"2022-04-19T22:42:41","modified_gmt":"2022-04-20T05:42:41","slug":"too-late-to-make-an-offer","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/too-late-to-make-an-offer\/","title":{"rendered":"Sale pending: Is it too late to make an offer?"},"content":{"rendered":"

When you\u2019ve been <\/span>searching for a home<\/span><\/a> that ticks all your boxes for months, there\u2019s no better feeling than finally finding it. Unless its status changes to <\/span>sale pending<\/span><\/a> before you have a chance to make an offer. That means you\u2019ve missed your shot, right?\u00a0<\/span>
\nNot necessarily. While a pending sale is a setback, it doesn\u2019t mean you\u2019re completely out of the running. Here\u2019s what it means when a sale is pending and what you can do to <\/span>make an offer<\/span><\/a> on a pending property.<\/span><\/p>\n

Does sale pending mean that the sale is done?<\/span><\/h3>\n

In real estate, no deal is final until the contract is signed, so a pending sale doesn\u2019t mean it\u2019s a done deal, but it does mean that the seller has accepted an offer from a buyer. At this phase, they have committed to sell to that buyer, both ethically and legally, and as long as the contract\u2019s <\/span>contingencies<\/span><\/a> are met, they will close on the sale.\u00a0<\/span>
\nThe rules on legality are not set in stone, but it\u2019s generally bad form for a seller to back out without a very good reason at this phase of the negotiation, and they can face serious legal and monetary penalties if they do. That means you can still <\/span>put in an offer<\/span><\/a>, but unless it\u2019s high enough to compensate for any damages they might have to pay the current buyer, it won\u2019t get you anywhere because the seller will not be able to seriously consider it.\u00a0<\/span>
\nOne exception is if you put in an offer during the attorney review period. Once an offer is accepted, both parties get an attorney review period (usually five business days) so their lawyers can review the contract and make any changes or cancel it outright without penalty. It\u2019s possible that if you make a very tempting offer at this phase, the seller will back out of the offer currently on the table and take yours instead.<\/span><\/p>\n

Is a pending sale the same as a contingent offer?<\/span><\/h3>\n

\"is<\/a>
\nThese two statuses represent two different parts of the real estate negotiation process. A <\/span>contingent offer<\/span><\/a> is an offer from the buyer that is only good if certain contingencies, such as repairs on the home or the buyer selling their current home, are met. If the status of a home is \u201ccontingent,\u201d that means the seller has accepted a contingent offer. Once the contingencies are met, the status changes to \u201cpending\u201d and the sale proceeds normally.<\/span>
\nYou can try to get an offer in before the contingent offer solidifies. Contingent offers are more likely to fall through, so with a good offer or one without contingencies, you\u2019ll be the first in line as a backup.<\/span><\/p>\n

What can stop a pending sale from happening?<\/span><\/h3>\n

Outside of the attorney review period where either side can back out for any reason, there are many things on both sides that can happen to stop a pending sale. If the house does not pass an <\/span>inspection<\/span><\/a>, the buyer may legally and ethically back out of a pending agreement. If the house is inspected and the seller refuses to take on the responsibility of fixing an appropriate amount of issues on the contingency list, the buyer may also back out.\u00a0<\/span>
\nIn some cases, the buyer will not be able to secure the financing from the preapproval. The seller can back out of the agreement if this happens. Investigations may turn up problems like <\/span>liens<\/span><\/a> and recording errors with the title, a contingency that can shut down the entire negotiation. Make sure you reach out to the seller\u2019s agent so they keep you updated on the sale. They will be able to tell you exactly where the process is and if it\u2019s progressing or stalling.<\/span><\/p>\n

What options do you have?<\/span><\/h3>\n

Your first course of action on a pending sale is to have your <\/span>real estate agent<\/span><\/a> reach out to the seller\u2019s agent. They\u2019ll be able to tell you how firm the seller is on the current offer and what might make the seller consider your offer instead. Depending on the situation, the <\/span>listing agent<\/span><\/a> may invite you to make an offer.<\/span>
\nEven though you shouldn\u2019t put in an offer until you\u2019re invited to, you should make your interest known. Depending on the market, the seller\u2019s agent may continue showing the property to buyers until the sale is final in case the deal falls through. If you do put in an offer, don\u2019t go over what you\u2019re comfortable spending, but make it more appealing by offering to cover more closing costs, closing on a shorter timeline (check with your lender about expediting closing), or offering a rent-back agreement.\u00a0<\/span>
\nAnother option you have is to write a <\/span>handwritten letter<\/span><\/a> to the seller telling them about yourself and what you love about their home. In some special situations, this tactic can be enough to sway a seller in your direction.<\/span>
\nAt this phase, you have nothing to lose and everything to gain, so don\u2019t be afraid to be aggressive. Stay in touch with the seller and the agent. Be polite, but assertive. If the buyer begins to drag their feet, you could be next in line for the property.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

When you\u2019ve been searching for a home that ticks all your boxes for months, there\u2019s no better feeling than finally finding it. Unless its status changes to sale pending before you have a chance to make an offer. That means you\u2019ve missed your shot, right?\u00a0 Not necessarily. While a pending sale is a setback, it doesn\u2019t mean you\u2019re completely out of the running. Here\u2019s what it means when a sale is pending and what you can do to make an offer on a pending property. Does sale pending mean that the sale is done? In real estate, no deal is […]<\/p>\n","protected":false},"author":3,"featured_media":51126,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[223],"tags":[195,80,49,165,105,177,186],"class_list":["post-51121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying","tag-backup-offer","tag-buyer-tips","tag-buying-a-home","tag-first-time-homebuyer","tag-home-buying-tips","tag-make-an-offer","tag-pending-homes","post--single"],"yoast_head":"\nSale pending: Is it too late to make an offer? | Movoto Blog<\/title>\n<meta name=\"description\" content=\"You\u2019ve finally found your dream home, but its status is \u201csale pending.\u201d Have you missed your opportunity or do you still have a chance to make an offer?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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