765 Mesa View Dr # 223, Arroyo Grande

You’ve spent months searching for the perfect home, and you think you may have finally found it. But when you hop online to do some additional research, the home’s status is listed as “sale pending.” Are you entirely out of luck? It doesn’t say “sold,” after all. Find out more about what “pending” means on a house for sale, and what your options are if you’re interested in it. What does sale pending mean in real estate? A pending sale in real estate simply means that the seller has received and accepted an offer on their home. However, the deal is not yet finalized — hence “pending” and not simply “sold.” If you’re interested in a pending property, your agent should consult with the seller’s agent to learn more about the status. You may still have a chance, though it is likely slim. Can you make an offer on a house that is pending? In short, yes. But it may not be worthwhile. A pending deal is not set in stone, but it’s not exactly open for discussion either. Unless the pending deal falls through, you can’t simply win over the seller by offering more money or waiving certain contingencies. In fact, most sellers are contractually obligated to honor the current offer, even if a higher bid comes in. Still, if you’re really interested in the home and counting on the current deal to fall through, you do have the option to submit a backup offer. Be sure to consult with your real estate agent for advice on the best way to move forward in this situation. Reasons a pending sale may come back on the market It is possible, if not likely, for a pending sale to come back on the market. There are many reasons why this could happen: Below are some common reasons why real estate purchase transactions sometimes fall through.

You might already know for a fact that you’re ready for a new home. But before you pull the trigger on selling your current home, you want to know that you’ll get top dollar and be financially secure for the long haul. Here are four signs that there’s no time like the present to put your home on the market. 1. You Don’t Need Any Big Repairs or Remodeling Sure, upgrading a bathroom sink might make you feel better about what potential buyers see when touring your home. But don’t sweat the small stuff. You aren’t likely to recoup the expenses you put into most home improvement projects, much less turn a profit . The important thing is that your home doesn’t need some type of major overhaul that sends buyers running for the hills – something like a leaky roof or cracked foundation. Barring any such severe flaws, just double check with your real estate agent to make sure there aren’t any renovations that would significantly raise your home’s value. If there aren’t, then you should consider your home ready to hit the market. 2. You Have Positive Equity to Avoid Out-of-Pocket Costs Equity is the difference between what your home is worth and what you owe on it. Say your home is worth $100,000. If you only owe $50,000 to pay off your mortgage, that means you have $50,000 in positive equity. Ideally, you’d like to have enough equity to cover closing costs and put some money down on your next home. At a minimum, you want to have enough to cover the current balance of your mortgage, so you can avoid paying out of pocket. As long as you have even a small amount of positive equity, that’s a positive sign that you’re ready to transition to a new home.