Home Buying in Rancho Mirage>Question Details

Glenda Humph…, Home Buyer in Palm Springs, CA

If a home is listed as Pending, how soon can it be purchased by another buyer?

Asked by Glenda Humphrey, Palm Springs, CA Tue Jun 11, 2013

This question was asked from this property: http://www.trulia.com/property/3105681079-19-King-Edward-Ct-…

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Phil Rotondo’s answer
If it's listed as pending, it's scheduled to close. Something still might happen; so your alternatives are to put in a back-up contract (if allowed) or wait and see if it becomes active again.
0 votes Thank Flag Link Tue Jun 11, 2013
It's gone...time to move on the the next one on your list.
0 votes Thank Flag Link Sat Aug 3, 2013
You've already gotten some great answers. The fact is that in this fast-paced real estate market, you need to get on houses as soon as they come available on the market. Or better yet, see the houses before they go on the market.

My best advice to you, is to get with a professional local realtor who can help you find the perfect home. Check with family or friends, or use one of the great realtors that have already answered your question on this platform.

A realtor can keep watch on the houses that are already in escrow that you like. When one of those falls out of escrow and becomes available again, your realtor can jump on it for you.

Good luck with your search.
0 votes Thank Flag Link Wed Jun 12, 2013
Hi Glenda,

I love your spirit and level of optimism.
I never wish anyone ill will, and always hope that their transaction closes. In this case, when a property is PENDING, its in a transaction looking to close.
Its only IF there is an upset of some sort, wherein the buyer is unfortunately NOT able to complete the transaction that the property is brought back to market, to give others a second chance at buying it.

Inventory is scarce so I am NOT surprised to see this question. This year alone, we got lucky and I was able to get my client's offer accepted the second go-around... TWICE already :-)

Most Kindest Regards,
Mario Gonzalez
Realtor Associate
Cel : 951-266-9333
Fax: 800-483-8037
Chase Bank Preferred Agent 2008, 2009, 2010, 2011
Short Sale & Pre-Foreclosure Certified *
REO Buyer Agent & Distressed Property Certified
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One Client, One Friend, One Dream Home At A Time...
0 votes Thank Flag Link Tue Jun 11, 2013
In general if a house is in "Pending" status it means that buyers have removed contingencies and are close to closing escrow. Unless the purchase is financed and the loan doesn't go through, there is no chance of someone else purchasing the house. Unless the current buyer cancels the transaction, no other buyer can purchase the property. I am sorry if I am the bearer of bad news, but I hope that answers your question :)
0 votes Thank Flag Link Tue Jun 11, 2013
Usually the property will come back on the market within thirty days. A pending sale means that the contingencies have been removed with only the loan or some other requirement to resolve.
0 votes Thank Flag Link Tue Jun 11, 2013
Properties that come on the market are listed in three status groups: ACTIVE, BACK UP OFFER, and PENDING. When a property is new on the market and available for sale the status is Active. Once an offer has been accepted the status is changed to Back Up Offer or Pending. So a Pending status means the property is in escrow with an accepted offer and will be soon be Sold.

Homes are selling quickly in today's market and the best scenario for you is to connect with a real estate professional like myself, that alerts you to homes as they come on the market. They are other beautiful homes to choose from in Victoria Falls.

If I can be of help with your home search, just give me a call (760-272-0753).

Catherine Marcy
ReMax Consultants
0 votes Thank Flag Link Tue Jun 11, 2013
Hi Glenda,

Once a home is gone pending it's essentially sold for all intensive purposes. The only way that another buyer can purchase his home is if the buyer who currently has a contract on it decides to pull out from the contract. I would recommend having your real estate agent take the property on the MLS for you. That way you can watch its activity so if it does go from pending back to active you can be one of the first people to see it.

Best of luck,
0 votes Thank Flag Link Tue Jun 11, 2013
A property is Pending when it is in the Escrow process and under transition from the current owner to a new owner--The property therefore cannot be resold until the process is complete and the new
ownership is recorded-Of course the current escrow could be cancelled by both parties and therefore
remove the Pending status making it available for further marketing purposes-

Regards--Jim McIntyre-Broker- Tarbell Realty-Call me if you need additional clarification-

0 votes Thank Flag Link Tue Jun 11, 2013
Flag Sat Aug 3, 2013
You will need to wait for the current contract to bust. If the contract busts, as soon as the seller and you come to an agreement.
0 votes Thank Flag Link Tue Jun 11, 2013
Pending sale to me means that the house is under contract and they are waiting for all contingencies to be met. Once they clear inspections and the loan approval it should close.
0 votes Thank Flag Link Tue Jun 11, 2013
Hi Glenda,

If it's listed as Pending, that usually means all contingencies have been removed and it's most likely going to close. Have your Realtor contact the listing agent to see if they are accepting Backup Offers. If they are, then submit one - in case it falls out of escrow. If they're not accepting Backup Offers, have your Realtor keep an eye on the property in the MLS to see if it goes back Active or into Backup status (in which case, then you could submit a Backup Offer).

Shanna Rogers
SR Realty
0 votes Thank Flag Link Tue Jun 11, 2013
You should try to put a back up offer statistics show that about 40% of buyers who are trying to get financing can get a loan at the end so that means that even if it is pending it may become active again.

Good luck.

Fredy Rodriguez ,CRS,GRI,SFR,E-Pro, HAFA, RSPS
DRE 01731893
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0 votes Thank Flag Link Tue Jun 11, 2013
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