What does pending sales mean for Zillow

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Your Guide: What does “Pending Sale” mean on Zillow?
Are you looking for a new home? If so, you can use a small website called Zillow. It can be a whirlpool of inspiration, and sometimes we can spend 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 has not been finalized. Certain procedures, including financial, appraisal, and inspection, must be completed before the property transfer.
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 progressing with a contingent sale.
These could be a buyer obtaining credit approval or a house passing a home inspection. If these conditions are not met, the sale may fail. Once all conditions are satisfied, the sale will enter a pending status.
What happens during a Pending Sale?
Several things happen during the pending stage. Buyers conduct appraisals and home inspections to verify the value and condition of the property. Additionally, they complete mortgage applications and secure the necessary funds.
Any issues discovered during the inspection may force the buyer and seller to negotiate further. Both parties are prepared for the legal transfer of property ownership, also known as closing.
Careful planning and communication are necessary at this stage to ensure a seamless transaction. If 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 first contract fails. It allows you to be in line to purchase the property in case the current deal falls through, although it does not guarantee it.
Why do sales fall through?
There are many reasons for sales to fall through, including financing challenges, defects discovered during inspections, or buyer unwillingness. Considering this, it makes sense to discuss any upcoming sales you are 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 might 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 effectiveness of the parties involved, and any unforeseen issues that may arise.
Delays and extensions
Now, don’t forget about all the possible delays that may 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, if you see the word “Pending,” don’t be discouraged. Remember, a pending sale on Zillow means the seller has accepted an offer, but the transaction is not yet complete.
If you want to make an offer on a house, you can still do so. Just keep in mind that the seller has already accepted another offer, but there are still many obstacles to overcome for the deal to be finalized.
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 to stay updated on any changes regarding properties you are interested in. Happy house hunting!