CONTRACT PENDING??! NOW WHAT?
An InfoTube customer writes: "Our home is finally under contract. We still want to accept backup offers, but think shoppers should know that the home has a contract on it. Should we advertise our home as "Contract Pending" instead of "For Sale"?
As a general rule of thumb, you should never put all your eggs in one basket. This is particularily true in a tough selling market like the one we are experiencing now.
Contracts fall through more often than they don't. As a result, many homes currently under contract will be placed back on the market. The truth is your home is not SOLD until you close and see the money. Until the home has closed, it is always advisable to continue advertising and showing your home for back-up offers.
Your concern about disclosing the pending contract to potential buyers is a legitimate one. I suggest you continue marketing your home and disclose the "pending" status when an interested party contacts you. If you feel inclined to do more, you can also indicate in the comment area of your http://www.infotube.net/ ad that the property is "Contract Pending", but also state that back up contracts are strongly encouraged.
Congratulations on your offer and best of luck on your closing and move.
Labels: Contract Pending versus Sold
posted by Pozos at 11:43 AM
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