Do You Know the Difference Between Sale Pending and Under Contract?

Is a home that is labeled as "Sale Pending" worthy of pursuit or totally unobtainable?  When a buyer makes an offer to purchase a home it is typically "subject to" or "contingent on" inspections, appraisals and/or loan approvals.  The seller understands the buyer has intentions of closing on the home but first must be sure the property is in good condition and financing is available. Otherwise, the buyer can cancel the contract.  Once the buyer is satisfied with inspections and has been approved for a loan, all contingencies are removed and the sale is pending. The buyer in essence is locked in to purchase the home. Important to note is that should a buyer need to exit the contract it is still possible to walk away at risk of losing the earnest money deposit.  So, when a property is labeled "Sale Pending" there might still be a chance to step in should the first deal fall apart.

Basically, a home that is under contract means the buyer has made a formal offer that has been accepted by the seller. Back up offers would be welcomed and the listing agent will probably continue showing the home because the deal can very easily crumble. Who knows?  There may be a surprise lien on the property, appraisals could come back low thus affecting the home loan, or problems could be discovered during the inspection leading to renegotiations. 

Although there is a difference between sale pending and under contract it might not be significant.  There is still a chance that if you fall in love with a home that has one of these labels, you might be able to snap it up and call it your own.

For more information on home sales in Tampa Bay and Florida's Gulf Beaches contact Kohan & Associates at 727-565-1658 or www.Suncoasthome.com.

Open House "Must Ask" Questions

When you are home hunting, there isn't a lot of room for error.  It's quite different from passively window shopping.  Open Houses present unique opportunities to sniff out hidden gems and ask plenty of questions.  Take advantage of the chance to speak to the listing agent and get the inside scoop. Trulia came up with 10 important questions to help you be prepared.
1. How many offers have been made?
2. Has the asking price fluctuated?
3. Why do the sellers want to move?
4. How long has the property been on the market?
5. Are there any issues with the home?
6. When was the house last updated?
7. How much do utilities cost?
8. What's the seller's timeline?
9. where can I get a good bite to eat?
10. What are the neighbors like?
It can be so fun buying a new home and visiting multiple open houses.  Don't get caught in the excitement and forget to look critically.  Of course, the house will be stage, smell delicious,  look bright and clean, but if this could be your future home, remember to dig deeply and ask questions.

Would you like information on upcoming Open Houses?  Call Kohan and Associates at 727-565-1658 or check out our website at www.suncoasthome.com.