We’ve all seen the status online or sign in someone’s front yard: “Sale Pending” or Pending Offer.” So what does that mean exactly in between “For Sale” and “Sold”?
We have some answers that will help you better understand this in-between step in the homebuying and selling process.
What does it mean when a property is pending?
As the term implies, “pending” in a home purchase means that there is an accepted and binding contract has been signed and agreed upon between the buyer and seller, but the final sale and closing depends on some items that still need to be completed.
During this pending period, a home is no longer considered an active listing on MLS, but some things still need to be checked off the list to move forward.
What can hold up a pending offer?
Delays can be caused by several reasons, including a hold-up in an inspection, survey, or appraisal – or homeowner’s insurance approval. Additional issues that could slow down movement toward the closing are:
- Paperwork is missing or there are loan snafus: This could be connected to problems titles, like a missing deed or signature on a deed. It also could be held up in red tape surrounding special loans, such as FHA, state, or local financing, or USDA loans.
- Disagreements on repairs: If buyer and seller are not in agreement with repairs that need to be made after they were discovered during inspection and before closing, each party may hire an attorney for legal advice, which stretches out the sale pending time.
- Issues with financing: There could be a bigger hold-up in a pending offer if the buyer and seller agree to a longer term because of financing issues between contract and closing.
How long could a “sale pending” last?
This under contract time period, of course, varies from transaction to transaction – from possibly a week if the buyer is paying cash to up to 60 days with a loan. It all depends on the terms each party is trying to meet.
It also depends on where the pending homes are located – whether the market has a due diligence period, when the property is inspected and a public record is checked during the pending step, or the area’s pending phase starts after due diligence.
What speeds up the “sale pending” period?
A strong real estate agent will help you move through this “sale pending” period more seamlessly by staying ahead of the pace of the contract to-do’s.
You can entrust Paige Bird, the #1 South Carolina RE/MAX agent for the last eight years, as your agent. In 2021 she: negotiated the sales price for her clients to get 1.27% more than the area’s MLS; sold 115 homes for a total of $33.9 million; sold 68 of those above sales price, with an average list to sales price of 99.08%; and sold listings ranging from $8500 to $1.495 million.
Contact Paige Bird today so she can sit down with you to get started in the home selling process at (843) 450-4773.