If you’re shopping for homes you’ve probably come across a few that said “Sale Pending.” Many people think this means the home is now off the market… but that’s not necessarily the case. If you’re interested in the property you may still be able to schedule a showing and make an offer. Here’s why…
REALTORS® belong to a system called the Multiple Listing Service – or “MLS.” MLS members use the system to provide each other with information about their listings – and to accurately report the status of their listings. When a seller enters into a contract with a buyer, the broker must report this to the MLS as a “Sale Pending.” But many offers to purchase include contingencies for things like financing, a home inspection or the buyer needing to sell their own home first. If any of the contingencies can’t be met, the deal could fall apart.
In a “sale pending,” the seller can accept other offers on a back-up basis… subject to the seller being released from the previous offer.
If you really love a property that has a “Sale Pending”, contact the agent listing the property to check on the status of the pending sale.