A pending home sale takes place after the seller has accepted an offer and the contract between both parties has been signed. When a home sale is pending, it is no longer considered an active listing on the local multiple listing service, which is where agents provide information on available properties. Public sites for marketing properties, including Zillow, Trulia, and Redfin, also pull listing information from the local MLS. When a property is taken off the market on the MLS, its availability is also removed from those websites. (1)
This guide will delve into the implications of a pending home sale for buyers and sellers. We will explore the responsibilities and considerations for each party and provide tips to navigate this crucial stage successfully.
Responsibilities and Considerations for Each Party in a Pending Home Sale
Each party has specific obligations to fulfill and factors to consider during this crucial stage of the real estate transaction. Let’s explore in detail each party’s five key responsibilities and considerations.
Responsibilities and Considerations for Sellers
By understanding these responsibilities and considerations, sellers can confidently navigate the pending home sale process.
Honoring the Contract
As a seller, once you have accepted an offer and signed a contract, Kansas City home buyers advise that it is essential to honor the terms and conditions outlined in the agreement. This includes providing any necessary disclosures and meeting agreed-upon timelines for inspections, repairs, or other contingencies specified in the contract.
Maintaining the Property
While the home is pending sale, it is crucial to continue maintaining the property in good condition. This involves promptly addressing any maintenance or repair issues and ensuring that the property remains in the same or better condition as when the offer was accepted. Failure to do so may result in complications or even the cancellation of the sale.
Cooperating with Inspections and Appraisals
Buyers typically have the right to conduct inspections and appraisals during the pending home sale. As a seller, it is essential to cooperate with these processes. Provide access to the property and any necessary documentation. Being responsive and accommodating during these evaluations can help facilitate a smooth transaction.
Securing a New Home
If you are selling your current home, having a plan for your housing needs is crucial. Consider finding a new home or making alternative living arrangements to avoid any potential complications or last-minute rush when the sale is finalized.
Communicating with the Buyer
Open and transparent communication with the buyer is vital. Stay in touch with the buyer’s agent and promptly respond to any inquiries or requests for information. Home buyers Kansas City recommend clear communication, which helps build trust and alleviate any concerns or uncertainties that may arise.
Responsibilities and Considerations for Buyers
Buyers can increase the likelihood of a successful and smooth transaction by fulfilling these responsibilities and considerations.
Conducting Due Diligence
As a buyer, you must conduct thorough due diligence on the property. This includes reviewing all relevant documents, obtaining inspections, and evaluating the property’s condition. Pay attention to any potential red flags or concerns that may impact your decision to proceed with the purchase.
During the pending home sale, cash home buyers in Kansas City encourage buyers to secure financing for the purchase. Work closely with your lender to complete the necessary paperwork and meet all financing deadlines outlined in the contract. Failure to secure funding within the specified timeframe could jeopardize the sale.
Many purchase contracts include contingencies, such as financing, appraisal, or inspection contingencies. Buyers must review and fulfill these contingencies within the designated timelines carefully. Failure to meet these requirements may result in the termination of the contract or the loss of certain protections as a buyer.
Planning for Closing Costs
Buyers should be prepared for closing costs associated with the pending home sale. These costs may include lender fees, title insurance, attorney fees, and other expenses.
Maintaining Flexibility and Patience
Real estate transactions can be complex and unpredictable. Buyers should maintain a certain level of flexibility and patience throughout the pending sale process. Delays or unforeseen issues may arise, and it is essential to approach these situations with a calm and problem-solving mindset.
How You Can Ensure a Successful Sale
With a pending home sale, the sale process is now in motion. At this stage, it is crucial to take the proper steps to ensure the successful completion of the sale. This guide will discuss what you should do as a seller to ensure a successful sale.
Create a Realistic Asking Price
According to cash home buyer Kansas City, the asking price is often the most critical factor in ensuring a successful home sale. A realistic asking price allows potential buyers to approach the home with a sense of confidence. You should research to ensure the price you set aligns with the prices of comparable homes in the neighborhood.
Know Your Closing Costs
Closing costs are one of the more complicated aspects of a home sale. They typically include the expenses for setting up the title to the property and transferring ownership from the seller to the buyer. It is essential to understand all the costs associated with a home sale so that you can set expectations from the outset.
Understand Your Options
As a seller, you have a few different options for structuring the sale of your home. You could offer the home as-is, a natural sale with closing costs waived, a traditional sale, or a rent-to-own sale.
Utilize a Real Estate Agent
These experts can be invaluable in home selling. They can advise on pricing, marketing, negotiating, and contracts. Most importantly, they can help you navigate the intricacies of a pending home sale.
Know the Process and Timeline
Understanding the buying process and the necessary steps that need to be taken to navigate it can help a seller ensure a successful sale. Knowing when to expect the buyer to make an offer and when to expect a response can help the seller better prepare and set a timeline for the sale.
Advertise the Property
Advertising the property is essential too. We buy houses Kansas City calls for sellers to promote their property through various mediums such as online listings, open houses, print media, etc.