Once you’ve found your dream home or condo, it can be disheartening to see that a sale is already pending. Whether you’ve been scouting out the same property for a few days or just saw it for the first time, don’t let a pending sale take away your dream of purchasing property. Here are some easy steps to find out what you can do to put in an offer on a pending sale of houses or condos for sale near you. And if you’re planning to start a real estate career, you may undergo a real estate broker training to learn more about pending sales and other skills you need to succeed in this industry.
A Pending Sale
A pending sale means that the seller has accepted an offer. They are discussing a sale with a buyer and the property is put on a pending status. However, just because both parties signed an offer doesn’t mean the property is off the market. Here are just a few reasons that the prospective buyer may back out of the deal:
- Issues arising from an inspection which may include the need for a septic pumping service for the property’s septic tank
- Buyer denied financing
- Additional factors
While the seller has expressed interest in selling to that particular buyer, a pending sale isn’t set in stone until both parties sign the contract. While the property could be off the market soon, you may have some options available to you.
Getting More Info
Your first order of business should be to contact the selling agent or have your realtor contact them. Selling agents want their sellers to get the best offer quickly, so if you express an interest in buying, there may be some room for negotiation. This is particularly true if you’re willing to make a better offer than the current prospective buyer.
If you don’t have the financing to make a high offer, it’s still important to communicate with the selling agent. Buyers back out of contracts for a number of reasons, so selling agents prefer to have back-up buyers for these instances. Don’t forget to use any emotional appeals or personal connections you can. A handwritten letter to the seller can make you stand out as a memorable, motivated buyer.
Putting in an Offer
Discuss your options with your real estate agent. Consider putting in an offer and communicating your intent by being prompt, assertive and even aggressive with your offer. One of the possible reasons that the sale is pending may be a buyer who is hesitating or delaying signing a contract. In that case, your highly motivated response may be an attractive offer for the seller.
There’s many ways to make an offer more attractive than the original buyer. Whether you offer a higher price, agree to pay certain fees or simply agree to a faster closing schedule, you’ll need to show you’re a better buyer than the current one. A conversation with the selling agent may provide you with the resources you need to craft a compelling offer.
Find Your Dream Property
Don’t let your dream property drift out of reach just because it has a pending sale. Communicate with the selling agent, craft a compelling offer and use a personal, yet aggressive, approach to win over the seller and position yourself one step closer to winning the sale. For more information or more assistance on finding a dream home, look for real estate agents near me.