Like most industries, the world of real estate has a language all its own. Sometimes the terms used can be confusing, especially for first-time homebuyers. If you find a house for sale with a status listed as “sale pending,” “contingent,” or “under contract,” what does that mean, exactly? Is the house off the market, or can you still take a tour or make an offer? 

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When a buyer offers to pay cash for your house, it might seem like a dream come true. After all, it eliminates the chances of the deal falling through if they can’t get a lender’s approval. But accepting a cash offer might also mean leaving a lot of money on the table. Whether selling a home for cash is a good idea or not depends on who is making the offer—and why.

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As we write this, real estate is experiencing a strong seller’s market. Not only is it easy to find a buyer in almost every part of the country, but bidding wars are also common. But before sellers get too excited about their profits, they need to remember that they won’t simply walk away with the sale price minus the balance left to pay on their mortgage. They must also consider seller closing costs. 

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