Can I make an offer on a listing that's "under contract" or "pending"?

Making an Offer on a Listing That's 'Under Contract' or 'Pending': What You Need to Know


Introduction:

When you're in the market for a new home, you might come across listings marked as 'under contract' or 'pending.' While these terms may imply that the property is no longer available for offers, the reality is a bit more nuanced. In this blog post, we'll explore whether you can make an offer on a listing that's 'under contract' or 'pending,' the factors to consider, and the steps you should take if you're interested in such a property.

Understanding 'Under Contract' and 'Pending':

Under Contract: When a property is marked as 'under contract,' it means that an offer has been accepted by the seller, but the sale has not yet closed. During this period, the buyer typically conducts inspections and secures financing while working toward a successful closing.

Pending: 'Pending' is similar to 'under contract,' but it often suggests that the transaction is further along in the closing process. The contingencies and inspections have likely been satisfied, and the sale is close to being finalized.

Can You Make an Offer on Such Listings?

The ability to make an offer on a property marked as 'under contract' or 'pending' depends on several factors:

1. Local Market Practices: In some areas, it is common for listings to continue to accept backup offers even after going under contract or pending. In other areas, this practice may be less common.

2. Seller's Preferences: Sellers have the final say on whether they want to consider backup offers. Some sellers are open to backup offers as a form of insurance in case the current deal falls through, while others may not be interested.

3. Contingency Clauses: If the current contract includes contingencies that have not been met or timelines that have not been adhered to, there may be an opportunity to submit a backup offer. For example, if the buyer's financing falls through or the inspection reveals major issues, the current deal could fall apart.

Steps to Make a Backup Offer:

If you're interested in making a backup offer on a listing that's 'under contract' or 'pending,' here are the steps to follow:

1. Work with a Real Estate Agent: Partner with an experienced real estate agent who can guide you through the process, assess the situation, and communicate with the listing agent.

2. Investigate the Property: Conduct your due diligence and gather as much information about the property as possible. This includes reviewing the current contract, inspections, and contingencies.

3. Determine Your Offer: Consider how much you're willing to offer for the property and any conditions you want to include in your offer, such as a timeline for acceptance or the expiration of the offer.

4. Communicate with the Listing Agent: Your real estate agent can reach out to the listing agent to express your interest in making a backup offer. They will coordinate the process on your behalf.

5. Be Patient: Making a backup offer requires patience. You'll need to wait for the seller's response and be prepared for the possibility that they may not entertain backup offers.

Conclusion:

While it's possible to make a backup offer on a listing that's 'under contract' or 'pending,' the success of your offer depends on various factors, including local market practices, the seller's preferences, and the status of the current deal. Working with an experienced real estate agent is essential to navigate this process effectively. Keep in mind that even if your backup offer is accepted, you may need to wait until the current deal falls through, if it does, to move forward with the purchase.

What is a "coming soon" real estate listing?

Full Description & Details

Frequently asked questions (FAQs) related to real estate listings

  1. What is a real estate listing?
  2. How do I search for real estate listings online?
  3. How can I find homes for sale in my area?
  4. What are the different types of real estate listings?
  5. What does "pending" mean in a real estate listing?
  6. What does "contingent" mean in a real estate listing?
  7. How do I filter real estate listings by price range?
  8. Can I search for real estate listings by school district?
  9. How do I find open house listings?
  10. What is an MLS (Multiple Listing Service)?
  11. How do I list my property for sale?
  12. How do I contact a real estate agent about a listing?
  13. What is the difference between a real estate agent and a broker?
  14. How do I save my favorite listings for later?
  15. How do I set up email alerts for new listings?
  16. What is a real estate listing description?
  17. What should I look for in a listing description?
  18. How do I know if a listing is a good deal?
  19. What are the key features to consider in a listing?
  20. Can I negotiate the price of a property listed for sale?
  21. How do I request a showing for a property?
  22. What is a "for sale by owner" (FSBO) listing?
  23. How do I avoid scams when looking at listings online?
  24. What does "as-is" mean in a real estate listing?
  25. How can I estimate property taxes for a listing?
  26. What are the typical closing costs associated with a real estate transaction?
  27. What is a home inspection, and should I get one for a listing I'm interested in?
  28. What is a pre-approval letter, and why is it important when making an offer?
  29. How do I find out if a property has any liens or legal issues?
  30. Can I see the property's history of price changes?
  31. What is the difference between a short sale and a foreclosure listing?
  32. How long has a property been on the market?
  33. Can I request a seller's disclosure statement?
  34. What is the role of the listing agent?
  35. How do I research the neighborhood of a listing?
  36. What is the difference between a condo and a co-op listing?
  37. How do I calculate the cost of homeowners' association (HOA) fees for a listing?
  38. Can I make an offer on a listing that's "under contract" or "pending"?
  39. What is a "coming soon" real estate listing?
  40. Can I see a property's floor plan before scheduling a viewing?
  41. How do I determine if a property is in a flood zone?
  42. What is a "walk score" and how is it calculated for a listing?
  43. How can I find out about the property's energy efficiency or utility costs?
  44. What is a "broker's open house"?
  45. What happens if a listing has multiple offers?
  46. How do I compare listings to find the right one for me?
  47. What is a "seller concession" in a listing?
  48. How do I find out if a property has any known issues or needed repairs?
  49. Can I request a home warranty with a listing?
  50. How do I start the process of making an offer on a listing?

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