In other words, the buyer has a set amount of time to inspect the property, secure financing, have a contractor do a home inspection, bind insurance and complete an appraisal. Once this time period has elapsed, and if all has gone well and both buyer and seller still agree to move forward with the transaction, the property will be marked "pending."
Typically, when a contract is pending the buyer's deposit has become "hard" and will not be refunded if he or she does not close.
Often, especially in todayâ€™s market, Realtors will allow "back up" offers during the contingency period. This helps to ensure a "Plan B" just in case the first deal falls through.
If you are interested, I suggest getting in touch with a Realtor and gathering more information on this beautiful home.
If you have any other questions that I may answer or if our office can be of service, please do not hesitate to contact us at 850-385-1393 or email me personally at firstname.lastname@example.org
Hope this helps! Have a great week.
Ryan J. Serra
Leading Edge Real Estate Group - Broker