Sale pending simply means that a buyer has submitted an offer and the seller has accepted it. In other words, this isn’t the sort of situation where you can simply opt to outbid all the other buyers #PeterVekselman #PartnerDriven #Motivation
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Speaker 1 (00:00):
So what exactly is the word pending mean in real estate? Well, pending exactly means that it’s pending and almost always pending means it’s pending a sale. It almost always is tied into something that’s listed, actively listed in the market. It’s listed by a real estate agent, a realtor, and it’s listed on the MLS system. And what pending means is that they had an offer made on this particular property and the offer got accepted, but it has not yet closed yet. So the time from the time that something gets accepted under contract to the time that it’s actually closes, that timeframe is notice pending. Now we as investors, or even as homeowners, a lot of times shy away from those kinds of opportunities because you know, you’re thinking well, it’s pending. Well, what most people don’t realize is a lot of these penalties, they never get to closing things happen.
Speaker 1 (00:49):
Financing falls through inspections, don’t go correctly. So one of the things I was encouraged people, if the deal makes sense of this is the property you’re looking for. If this is the location you like, if this is the deal that looks like it’s a good deal, don’t let the word pending scare you off, still place your offer, because if nothing else, then you go into a backup position. And if that first offer falls through, then you’re to next to mine. Also, if a seller knows there’s a contract pending, um, but they also know there’s a backup. Well, guess what if all of a sudden in that a first contract that the new buyer tries to kind of push a bully around the initial seller will that seller will have a lot more confidence to more or less walk away from that initial contract, knowing that there’s something in the background that you’re, you know, in second position. So pending, it’s a time from the time. It’s the timeframe between something going under contract and closing. And absolutely those are deals still worth making offers. [inaudible].
