Am i getting the house if its under contract ?

Question

I keep checkinng for updates on the house im getting on zillow and the update for yesterday says “ pending sale” has anyone got declined after being under contract?
I already signed all contracts as needed and have also payed for inspection

Answer

I’m going through this exact same thing. My relator is awesome and checks in every other day with updates. Ours was a 30 day close and every few days we have emails from escrow or the financing company requesting documents. You’ll be asked for a ton of stuff soon. Depending on if your paying all cash or financing your loan. If financing your loan…to answer your question yes you can still get declined even if it’s under contract. I’ve heard if paying cash, the seller can back out so until all is said and done. It’s such a lengthy process that you never know what can happen

Answer

It’s not over till you close. Things are moving forward though, so that is a positive sign

Answer

Not until you’re close, there’s many steps before you actually get there, perhaps you do the inspection, you find out that there’s crack foundation, there’s water damage, etc. you do have the opportunity to back out of the deal at that point, or your debt to income ratio is off, your credit changes, you don’t have enough money for down payment, or closing cost, there’s always reasons why house does not get purchased, sometimes you need to demonstrate a certain amount of money in the bank, you don’t have it, anything can happen why the house doesn’t go through. Some people want to sell the house as is, but when they get the inspection, they realize there’s way more necessary for repairs than what they willing to give, a credit, reduction of the price of a house, etc. sometimes it’s a divorce situation and they can’t get a couple to agree or it takes them forever to even get one piece of paper signed, you pass the mortgage commitment date, and basically are out of contract, because they took forever, there’s all kinds of scenarios why things don’t close. Perhaps one person is being way too demanding asking for things to be repaired and the other side just said screw it we’re not dealing with this crap. It’s going to say pending until you close basically you only will know from your mortgage broker or your banker, how the status is going, if you’ve done the inspection, the appraisal, they do verification of employment up to the day of closing, they use outside third parties like the work number in different places like that, you can do something stupid and cause the clutter the house not to be done such as using your credit cards, buying a car, anything basically that can jeopardize the purchase of a home. Because unfortunately underwriting and mortgage companies especially if you’re doing a FHA mortgage, they are very cautious, and they are very thorough, and they have guidelines that they have to meet, and sometimes you can’t meet them. House is a fallen through many of times.￼￼￼

Answer

Yes, you can. "Pending sale" just means that the buyer has someone that is interested and attempting to purchase the house. It makes it so other potential buyers know that someone is already in the process. The seller and buyer and bank all still have the option to back out. It will say "Pending Sale" right up until the point you sign the final papers and have the keys in hand.

Answer

Is your offer bumpable?

Answer

It will say pending until the final paperwork is signed.

Am i getting the house if its under contract ?

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