Homes Can Fall Out Of Pending Status
Posted on: 7 February 2018
When you make the choice to take the journey into home ownership, you want to learn about pending sales and what they can mean for you. This article will give you some important information on the reasons why some pending homes fall out of escrow and go right back on the market as available homes once again. It will also offer you information on how you can turn this knowledge into power.
Why homes fall out of pending status
The buyer changes their mind - One of the common reasons why a home can go from pending to being back on the market is buyers changing their mind. A buyer may begin the process of buying a home and then find one they like better shortly after. They will pull out of that deal in order to buy the home they now feel is the better choice for them. In most states, the buyers have a specific number of days to have inspections done, and during this time period they can also change their mind and receive their earnest money back without penalty.
Inspections don't go well – When the inspection is done, the inspectors may find issues with the home that the buyer isn't willing to accept. If the buyer decides the problems are more than they want to deal with, then they will pull out of the deal, putting that home back on the market. In some cases, these problems may not be big deals, but if the buyer wants a home that is 100% move-in ready then it may be enough to change their mind.
Rejection for the loan – Sometimes buyers will end up not being able to secure the loan, many times even after prequalifying in the beginning. Things can change during the home buying process that will suddenly prevent them from still being eligible for it.
The home gets a low appraisal – The lender will ask the buyer to pay to have the home appraised. If the home doesn't appraise for the amount the home is listed at or above, then the buyer will have a variety of options. One of the options they have is to back out of the deal and look for a house that appraises for the price they want to spend.
What a pending home falling out of escrow means for you
If you are looking for a home and you see one you really like, but you notice it is pending, ask your realtor to look into it and keep it on your list. You just may find that it falls out of pending status and the door will open for you to make an offer on it.
For more information to help you buy real estate that meets your needs, work with an experienced realtor.
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