What does pending sales mean for Zillow

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Your Guide: What does “Pending Sale” mean on Zillow?
Are you in search of a new home? If so, you may be using a small website called Zillow. It can be a whirlpool of inspiration, sometimes spending hours searching for that perfect home. So, have you come across the word “Pending” for the house you want?
If you want to know what “Pending Sale means on Zillow”, you’ve come to the right place. Keep reading to learn more.
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What does Pending Sale mean on Zillow?
The “Pending Sale” status on Zillow indicates that the buyer’s offer has been accepted by the seller. However, the transaction is not yet complete. This status indicates that the agreement is in progress but not finalized. Certain procedures, including finance, appraisal, and inspection, must be completed before the property is transferred.
What is the difference between Pending and Contingent on Zillow?
Understanding the difference between “Pending” and “Contingent” is crucial. Certain requirements or contingencies must be met before the sale can proceed in a contingent sale.
These may be the buyer obtaining credit approval or the house passing a home inspection. If these conditions are not met, the sale may fail. Once all the conditions are met, the sale will move into a pending status.
What happens during a Pending Sale?
Several things happen during the pending stage. The buyer conducts an appraisal and home inspection to verify the value and condition of the property. Additionally, they complete a mortgage application and secure the necessary funds.
Any issues discovered during the inspection may lead to additional negotiations between the buyer and seller. Both parties are prepared for the legal transfer of property ownership, known as closing, before the sale is finalized.
Careful planning and communication are necessary at this stage to ensure a seamless transaction. When both the buyer and seller are aware of these processes, they can navigate them more proficiently.
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Can you make an offer on a Pending Sale?
You can still express interest in a pending home listed on Zillow. Some sellers accept backup offers. A backup offer is an additional offer that becomes effective if the initial contract falls through. It puts you in line to purchase the property in case the current deal fails, although it does not guarantee it.
Why do sales fall through?
There are many reasons why a sale may fail, including financing challenges, defects found during inspection, or buyer unwillingness. With this in mind, it makes sense to discuss any upcoming sales you’re interested in with your real estate agent.
How long does a Pending Sale last?
Next, let’s look at how long a typical pending sale can last. Generally, a pending transaction can take anywhere from a few weeks to several months. This will truly depend on variables such as the complexity of the transaction, the efficiency of the parties involved, and any potential unforeseen issues.
Delays and extensions
Now, don’t forget about all the delays that can occur during the sales process. Delays can happen due to inspection results, appraisal issues, or funding problems. Additionally, sometimes the buyer and seller can extend the pending period to address any issues that arise during the process.


Conclusion
In conclusion, when it comes to buying a house on Zillow, don’t be deterred if you see the word “Pending.” Remember, a pending sale on Zillow means the seller has accepted an offer, but the transaction is not yet complete.
You can still make an offer to purchase the house. Just keep in mind that the seller has already accepted another offer, but there are still many obstacles to overcome to finalize the transaction.
By understanding the steps involved in a pending sale, you can better prepare for what to expect and how to proceed. Stay in touch with your real estate agent for any changes in the status of properties you’re interested in. Happy house hunting!