If you’re in the market for a new home, it’s likely that you’ve done some research online to see what’s available in the market. So, what happens if you’ve found the ideal property in your desired location, but your dream home already has a sale pending?
While you might feel like you’re out of luck, the reality is that you could still have a chance to make the home yours.
When a sale is pending, it means that the home seller has accepted an offer. However, the deal has not yet closed. In this situation, there are a number of things that could happen to put the property back on the market as “active,” such as:
- The buyer’s financing falling through
- The home’s inspection not panning out (i.e., the proposed buyer does not want to pay for costly repairs that are needed)
So, until the transaction has actually closed, you could still have a chance to purchase it. There are some things that you should do, though, in order to better ensure your odds. For instance, one of the first things you need to do is make your interest in the home known to your real estate agent.
You could also place a back-up offer on the home. In doing so, your offer price does not necessarily have to be more than the other party’s in order to be attractive to the seller. As an example, you could close on the property sooner, pay a percentage (or all) of the seller’s closing costs, and / or make any of the necessary repairs yourself (as versus requesting the seller to do so).
If you’re in the market to find your dream home in Bowie or the surrounding area, give us a call. We know the market well, and we can help you to find – and secure – the new home you’ve been waiting for!