Sale pending is a common term used in the real estate sector particularly when buying a home. It is also referred to as a pending offer. Sellers and often realtors put a big signpost near the house to let everyone know that this is the current status. Perhaps, you have already come across this if you have ever bought a house. Unfortunately, many people do not have an idea of what it means or how long it will last before they can get the keys. If it is your first time buying a house, the insights below will help you.
The Meaning of Sale Pending
In simple terms, this means that the house has gone through the selling and buying processes as set by the realtor except for the few last steps of closing the deal. Actually, the signpost is put up when the contract has been signed but the keys have yet to be handed over to the buyer. As such, both parties have already accepted a binding contract, and the deal is almost sealed.
But have you ever wondered why the deal has not yet been sealed? Often, there are a few things that have yet to be completed. It could be that either of the parties has not yet fulfilled some mandates even when important steps have been made.
Common Reasons for Pending Sales
- Problems with the buyer’s mortgage – This source of funding for home buying might develop some hitches here and there. If you are buying your home from reliable experts such as the ones on the Home Flippers homepage, they will put the home under sale pending status as they wait for you to solve the issue. Sometimes, they are the ones to follow up with the mortgage provider on your behalf.
- Repairs and renovations – When the repairs and renovations are taking longer than expected, the house can be put under this status. Sometimes, it is not the fault of the seller or the contractor especially when there are unavoidable challenges.
- Inspection concerns – Once the home has been inspected, the authorities might raise some concerns to be addressed. If these were not anticipated and contracts were already signed, the house might be placed under this status.
- Previous ownership disputes – All disputes should be resolved before the new buyer takes ownership of a home. If this is not yet done for some reason, the home should be put under sale pending until everything is cleared up.
The Waiting Period
Experts claim that there is no specific length of waiting period. Every situation depends on the issues at hand and how fast they get resolved. Therefore, all that a person can do is push for solutions that will facilitate the handing over of the keys.
Conclusion
If the sale pending condition is taking longer than any of the parties can bear, the contract can be terminated according to the agreed upon terms and conditions. And this immediately brings the house back on to the market, where interested new buyers can start the process.
Every buyer hopes that all the problems will be resolved to get the keys to the house they have already selected. But if this is not possible, they can go back to the drawing board and select another home.
