Selling a Home in Raleigh NC
Contingent - Pending
Seller Viewpoint
Contingent vs Pending - What's the Difference
You have your home up for sale, you have it priced appropriately, you have kept it show ready, and you have a Raleigh Realtor that actively markets you home - and it all pays off. You have an offer. Yeah!!
Now, while the terms and condition of the sale are being negotiated and the offer is working it way to a close date should you stop showing your home to other prospective buyers?
When buyers are looking for a homes in Raleigh for sale, most homes advertised have an "active" status in the Triangle MLS system. This means they are available for buyers to see and make an offer on.
However, now that you have a contract your home's listing status will change. Your Raleigh homes status will change to either "contingent" or "pending." The choice of which one status it changes to is yours to make.
First, what do these terms mean and how will they effect you as a Raleigh home seller?
What's the difference?
If you want to continue to have Raleigh real estate agents show your home to potential buyers the MLS status is "Contingent."
If you don't want to continue to have Raleigh real estate agents show your to potential buyers the MLS status is "Pending."
Your Raleigh real estate agent should go over the differences in the two choices with you - it is an important decision. The choice of one status over another is made after looking at several things.
What that means to a Raleigh Home Seller
Having your Raleigh home up for sale isn't easy. You have to live in a constant state of readiness for a showing, you're always hopeful that each time your home is shown the people looking at it will love it and want to buy it, and the next step in your life may be on hold until your home is sold.
Once you have an offer in hand it seems that all is good and - usually it is. However the process from contract to close can be challenging for you as a seller.
On both sides, the Raleigh seller and Raleigh home buyer have to agree and sign off on all aspects of the contract. That will include price, terms (due diligence & fee, earnest money, what things in the home stay or go, close date, etc.) and repairs, if any.
Once all these things are decided buyers have to get their loan secured. With all the loan conditions and requirements in place now, this is an area where problems may, or may not occur.
Because a home is not truly sold until the closing documents have been signed and the deed recorded to the new owner, the decision to continue having your home available for showings during this process is an important one.
Contingent or Pending - Pros and Cons
Contingent
Pro: Your home is still available to potential buyers. So, if something happens to cause the current offer to fall through you may have found a buyer who has indicated that they would like to put in a back-up offer in case the fist offer fails in someway.
Con: You still have to live in a "show ready" home. You're still able to do all your getting ready to move but you also have to "control the chaos" in case someone wants to see the home.
Pending
Pro: You are confident in all aspects of the offer and can get ready to move. Your home is not going to be shown again and so let the packing begin! You don't have to vacuum every day as you leave and should you forget to put away all the kids toys - it OK.
Con: Should something go awry with the offer and it fails to close - you have to get your home back to "show condition" and be prepared for calls for showings.
Bottom line
In truth these two terms can be confusing for both buyers and sellers. Every home sale is different and every contract is different. It is best to discuss this thoroughly with your Raleigh Realtor and make the decision of "pending" or "contingent" based on the strength of the offer and the needs of you as a home seller.
Other things to consider when selling your Raleigh home are Tips to Help You Sell Your Home FAST, Raleigh Sellers - Curb Your Appeal and Pricing your Home to Sell.
If you have questions about selling a Raleigh home or any Homes In Raleigh,
Email Us or Call Us Today at 919-280-2726
Return to Homes in Raleigh Home Page
Content By Erin Bohner
North Raleigh Homes -
Midtown Homes -
Inside The Beltline Homes -
Raleigh Luxury Homes -
Wake Forest Homes -
Cary Homes -
Raleigh Subdivisions
Raleigh Luxury Subdivisions -
North Raleigh Subdivisions -
Midtown Raleigh Subdivisions -
Inside The Beltline Subdivisions
Raleigh Golf Homes -
Bedford at Falls River -
Barton's Creek -
Falls River -
Long Lake -
Raleigh Schools -
Buyers -
Sellers
Raleigh Fun -
Raleigh Restaurants -
Community Info -
Raleigh Utilities -
Raleigh Weather
About Us -
Contact Us -
Privacy -
Partners -
Resources -
Site Map
Copyright ©1999-2016 All Rights Reserved
|
|
