Property Q&A in Gettysburg>Question Details

Maggie King, Home Buyer in Gettysburg, PA

what does sale pending mean? Will seller consider contingency on the sale of my current home?

Asked by Maggie King, Gettysburg, PA Wed Jun 6, 2012

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Now that I'm back to the computer I can respond in more depth. If you wish to write a contingent offer a few things aren't going to influence it's acceptance. First off is the price of your home. If you're marketing your home at market value or just a bit below to generate a quicker sale you'll have have a better chance of realizing a sale of your home and thus the purchase of the new home. What you want to avoid is over pricing your home and then writing on another house with a slim to none chance of selling your home. As Marilyn said (she is a great agent) your offer will be subject to a "kick-out" clause of some sort. If another non-contingent offer comes in you'll either be immediately kicked out or, depending on the form used, have 24 hours to obtain financing without selling your home. It's common practice in all markets.
0 votes Thank Flag Link Thu Jun 7, 2012
Sale pending means the home is under an agreement of sale and expected to go to settlement. With regard to writing offers contingent upon the sale of your existing home. This is quite standard. Although, the contracts are generally accepted on the basis that should another offer come forward without a house to sell they retain the right to terminate your offer and accept the other one. Feel free to call me anytime 717-253-1055 Marilyn
0 votes Thank Flag Link Thu Jun 7, 2012
just a heads up per Trulia rules we aren't allowed to solicit in this section.
Flag Thu Jun 7, 2012
Yeah not too many deals fall apart so being a back up offer won't have much of a chance.
0 votes Thank Flag Link Wed Jun 6, 2012
It means there is a ratified contract on the property and they are working toward settlement. Probably won't consider your offer unless the one in place falls apart.
0 votes Thank Flag Link Wed Jun 6, 2012
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