Aww, it went pending

When a seller has accepted an offer on the house, the house “goes pending.” That means the buyer and seller have agreed on price and conditions, and are under contract. The sale is pending. It’s not fully sold until inspections are done and approved, and the buyers submit their funds at the same time as everyone signs the final documents. So there are 3 main stages, 1) Offering & counter offering when the buyer and seller negotiate the initial contract, 2) Inspections, where the buyer has the house inspected and requests that the seller fix any serious issues, or gives a credit to the buyer so they can fix them after closing, and, 3) Walk-thru and closing, where the buyer verifies the property is still in the same condition as when they made the offer, everyone signs the final documents and the buyer pays for the property.

On Tuesday night, we made an offer on cute little house on Eagle Crest in the La Cueva school district, which is the best school district in Albuquerque.

The other great thing about this house is actually has views!

On Thursday morning I woke up early and saw on-line that the house had gone pending. The first time we made an offer on a house in that school district, we got outbid. So I assumed we got outbid on that one too.

I was a little disappointed that the seller hadn’t counter offered requesting a higher price if my offer was too low, since ours was a cash offer. Cash offers are generally preferred by sellers because they close faster and there is not the risk of the buyer failing to secure their mortgage. So I was hoping for at least a counter offer, and not just getting outbid again.

Here’s what actually happened:

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