In my market we have "active contingent" or "AC" and then we have "pending" or "P." They mean two different things... the first one has contingencies that need to be met before closing; the second does not. If these same terms for status are used in your market and the listing agent is using "pending" correctly, chances are good the house is going to close. It is certainly worth a call to the listing agent to see if all contingencies for the transaction have been met. If they have you need to move on to another house.
I had a listing this spring that was AC for 45 days while the buyer's lender kept leading us all on that they were going to be able to make the loan. I had the buyer go to other lenders and couldn't get approved, so I knew it was a long shot to continue hanging on the line for this bank (broker actually) to come through. We were at our wits end when an agent called and said she had been watching the property. I asked her to PLEASE write a backup offer. She did, we negotiated, and accepted it. The extension on the closing date for the first buyer came and went a few days later, and we closed with the second buyer 20-some days after that.
So it happens. I'd make the call.
Carolina One Real Estate
Serving Charleston, SC and surrounding areas
Century21 Award Mission Valley
In today's market, with loans changing daily, many homes that are pending one day are back to active the next. Your agent can put this property on their watch list and they will be notified the minute this happens, if it happens. And most listing agents are happy to take a backup offer, just in case.
It is a little surprising, with all the inventory on the market in the San Diego area, you cannot find a similar property that is not pending. If the area is particularly desireable and the available inventory is low or just not there, this may call for your agent to go beyond the common practice of just checking the MLS. Have your agent market specifically for you. They send letters to homeowners in the area you like and let them know that they have a ready, willing, and able buyer for their property. You might find a homeowner, who perhaps is struggling with their mortgage, or has been thinking about selling but heard that they should hold off and not compete with the current higher than normal inventory. They may welcome you as a buyer. Think outside the box and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty
Having a negotiated and executed backup offer certainly couldn't hurt provided you have an "escape" clause that let you out of the contract if you find anything else before your offer is put in the primary postion.
Whether you do it through the "listing" agent or another agent (solely representing you) is your decision. The difficulty in getting people financed today would be a further reason you would want to be in a backup situattion.
Jeff and Cheryl Fox