The Ins and Outs on ‘Sale Pending’
You might have checked out our recent article on real estate vocab: contingent and pending, but now, it’s time to dig a little deeper into what sale pending means for a potential home buyer and how long you might be waiting for.
As a reminder, sale pending means there’s an accepted offer and a binding contract between a buyer and seller, and both parties are ready to move forward. However, pending means that there are some things that have yet to be completed in order for the contract to close.
Duration of ‘Sale Pending’
If you’ve found a home you are interested in, but it’s in sales pending, you should have a backup plan in place. If you’re the buyer in the process, then you might be wondering how long you’ve got to stay in this weird in-between stage.
There’s no definitive answer, but usually if the buyer is in the process of getting the loan, the total under contract time is about 30 to 60 days. However, if repairs are taking place, the pending status might take longer – until the repair has been taken care of.
There are various reasons why a home purchase might move to a sale pending stage. Here are a couple of examples:
- Repairs: As mentioned before, a buyer might want certain repairs to be completed before the official closing on a home.
- Housing for Seller or Buyer: Sometimes, a seller might find themselves in a situation were they might need a little more wiggle room to move. A seller might request a longer period between their contracts in order to allow them more time to move.
- Financing: Depending on the type of loan that may be involved, transaction times can take longer.
If you’re nervous about a potential close hanging in a pending state, be sure you work with a real estate agent who is organized and ready to help you every step of the way!
For more real estate guides, stop by Alliance Title’s Blog.