I think I’ve heard this painful lamentation from many people selling their homes many times: “why isn’t my home selling quickly while everyone else around me is”. They check the real estate listings of homes in their neighborhood. While theirs remains on the list, the one down the road from them is “pending”. They see another house a mile away from them also “pending”.
Frustrating as it is, you’re questioning to yourself “does my house even have a chance”? You’re not alone. Many homesellers like you are on the same boat here in North Carolina. Now, what does pending mean on a house for sale? All right, I’ll explain. A “pending status means that the buyer has moved past the “due diligence” period. It also means that the contingencies have been met and the sale is in the final stages before the official close. This shouldn’t be confused with “under contract”, which means it’s in the due diligence phase. At that point, the buyer can walk away.
“Pending” is closer to being sold compared to “under contract”. As a Wilmington homeowner, I don’t think I say this more than enough. You don’t have to ride this rollercoaster of hoping a buyer purchases your house or backs out of the deal. At ILM Home Offer, we can buy your house with a cash offer and take it off your hands fast.
The Difference Between Pending and Under Contract in NC
I often hear sellers getting confused about the difference between pending and under contract. The difference comes down to one key concept. That is the due diligence period. You see, this is a unique system that I’ve noticed in real estate. Let me explain further what each of these key stages means:
First, let’s talk about the “Under Contract” period. This is the investigation phase. At this point, the home is under contract. The buyer has made an offer and the seller has accepted. If you think that’s the end of it, you’re well far off the mark. Though they pay the due diligence fee, they won’t get it back even if they do back out of the deal. Speaking of which, they can do so at any given moment.
I cannot count the amount of excuses that they throw out on one hand when it comes to bowing out of a deal. They say something about issues with the inspection, financing concerns on their end, or they just had a change of heart. Let me be the first to tell you that just because it’s “under contract”, doesn’t mean the deal is safe.
Let’s switch over to “pending”. As I’ve mentioned before, this is the final phase. Yes, the buyer can still back out. But if they do, it’ll be a costly decision on their part. At this phase, the inspections are done, repairs have been negotiated, and the financing is mostly secured. In other words, the buyer is financially committed and the likelihood of a closed sale is pretty good.
Let me put it to you in this perspective: “under contract” is “still deciding”. Meanwhile “pending” can mean “almost sold”.
What Does Pending on a House Mean for Buyers?
To the average buyer, “pending” means that either the home they’re buying is in that stage and the deal is getting close. To a seller who is trying to get their house off their hands but see their neighbor’s house at that stage, it can be frustrating. You might be Googling in the middle of the night “how long does it take to sell your home”. I’ll be honest with you, this is a question that many people ask when they decide to go the traditional route.
For example, sellers can stop showings once a home is pending. From there, the agents focus on closing a deal instead of a plan B. A backup offer may pop up, but for a buyer that is second in line, you’ll have to wait for the deal ahead of you to fall through. The chances of that happening are low since pending deals have a higher chance of closing successfully. Still, financing issues, title problems, and rate last-minute changes can change the game.
Going the traditional route can be stressful since you may be inundated with backup offers. However, you can sell your house with a fair cash offer in Wilmington. My team and I at ILM Home Offer will be able to look at the property and decide on which offer is fair for you. That way, there’s no need for buyers who are at the under review or pending stage. We buy the house without worrying about financing issues or last-minute changes.
We don’t get nervous about deals that are not 100 percent guaranteed. You get a guaranteed sale through us, no problem.
Why Deals Fall Through Even When a Sale is Pending
Yes, the deal falls through even when the sale is pending. Believe me when I tell you that I’ve heard stories of close calls when it came to deals closing only to fall apart at the 11th hour. One story I heard was someone was laid off the day before closing. Talk about a punch in the gut. It was one of those moments where you had to feel sorry for both the buyer and the seller.
The seller of this home ultimately ended up selling to us since there weren’t any other offers. Financing can also fall apart when credit changes that affect approval can occur. I’ve even heard lenders deny final funding to some buyers. When another seller I talked to told me about that, I was thinking to myself “I would be furious too if that happened to me”.
Aside from the financing issue, you also have the title issues that arise. These include unknown lines, ownership disputes, and even boundary issues. All of these can delay a cancellation or closing even if it’s 98 percent of the way there. That’s like watching a running back in football get denied a touch down at the one yard line on the final play. It’s painful to watch as a fan, and a painful experience if you’re the runner.
Pending deals can fall apart due to cold feet as well. I’ve seen them before, but the instances are few and far between. You have a home in Leland where a buyer has backed out at closing. That’s frustrating enough as it is. If you want to sell the house fast, I can make sure you get the best fair cash deal possible through ILM Home Offer.
Skip the “Pending” Purgatory: The ILM Home Offer Advantage
Why go through a process where the buyers may not make the cut? Even at the “pending” phase things can go bad fairly fast and you’ll be left there standing wondering what happened. The pain of a near closed deal failing is going to be something that could stick with you for a while. However, it doesn’t have to be the case. You can skip the “Pending” purgatory and contact ILM Home Offer.
The traditional cycle of “Under Contract” to “Pending” to “Closed” cycle takes 30 to 60 days. Uncertainty galore. So why go through that due diligence stress while we buy houses in Jacksonville and the surrounding communities. We will do a 15 minute property discovery and look over the place and take notes on what needs to be repaired or what issues need to be addressed sooner rather than later.
You can sell your house “as-is” and choose your closing date. My team will be ready to provide you with a cash offer that you might be happy with. One last thing, you don’t need to do the inspections and contingencies. My team can handle that no problem.
FAQ: Navigating North Carolina Real Estate Statuses
What is the difference between pending and under contract on Zillow?
On Zillow “pending” often includes accepted offers. This isn’t to be confused with the early-stage or under contract. Remember that “under contract” is a deal that hasn’t been accepted yet since it’s in the due diligence stage. “Pending” means that the due diligence is completed, an offer is made, and closing is more than possible at that point.
What do sale pending mean for my backup offer?
A sale pending for a backup offer means it’s second in line. If the current pending deal collapses, it’s the offer that’s the next one up.
What does contingent vs pending mean?
Contingent vs pending is comparing two different situations. First, the sale needs to meet specific conditions or contingencies. When you ask what does contingent mean, it’s another name for “under contract”, if you will. Of course, pending is obviously the house about to approach closing.
Conclusion: Knowing Where You Stand in the Wilmington Market
If you’re considering the idea of selling your home in Wilmington, NC or nearby Port City, ILM Home Offer is here to help. My team and I offer a 15-minute property discovery that will ensure a quick and painless process. We will offer you a cash deal in as little as 24 hours. The closing period lasts 7 to 14 days and we’ll operate on your timeline. To see how it works or if you have any questions, give us a call today and we’ll be happy to assist you.