In a hot market, your dream home could go from "For Sale" to "Sale Pending" in a matter of days. When that happens to you, it might seem like the home is lost to you forever. However, a pending sale does not mean you should give up on a home. In actuality, there is a chance that you could still get the home. If you want a home that has a pending sale, here is what you need to know.
What Does "Sale Pending" Mean?
When a home has a pending sale, it means the seller and a buyer have a purchase agreement or contract. In most instances, the agreement states that the seller has accepted the buyer's bid and unless there is some issue, the purchase of the home will go through.
Although it might seem there is no hope for getting your dream home, there are some scenarios in which you might be able to wiggle in and buy the home.
Can You Make an Offer?
There is nothing that legally prohibits you from making a bid on a home with a pending sale. Whether or not the seller can accept your offer depends largely on the purchase agreement. If the agreement has a clause that allows the seller to accept a bid that is higher, he or she can back out of the existing agreement and accept yours.
However, if there is no clause in place, offering to buy the home still could work in your favor. If the purchase agreement falls through for any reason, the seller could consider your offer and enter a new contract with you.
What Can You Do to Improve Your Chances?
It is important to remember that you might not be the only one person who is watching the sale of your dream home. There could be others who are secretly watching to see if the deal falls through. Therefore, you need to take action to improve your chances of getting the home.
One way is to not only put in an offer with the seller, but also write him or her a personal letter. In the letter, explain why you want the home and what the significance of getting it would be. For instance, if you want the home because you could envision raising a family there, state that. An emotional appeal could help your offer stand out.
Your real estate agent can help you find other ways to possibly win your dream home.