If you’re in the market for a new home, you’ve probably noticed that some listings say “sale pending.” But what does that mean, exactly? Here’s a quick overview of what sale pending means in the world of real estate.
When a property is listed as “sale pending,” it means that an offer has been accepted by the seller and the transaction is in the process of being finalized. In most cases, the sale is not yet complete and the property is still technically on the market until all the paperwork has been signed and the keys have been exchanged.
However, there are some instances in which a property may be listed as “sale pending” but the sale is not actually going to go through. For example, if a buyer backs out of the deal or if their financing falls through, the listing status may change back to “active.”
If you’re interested in a property that’s listed as “sale pending,” it’s still worth reaching out to the listing agent to see if there’s a possibility that the deal may fall through. You may also want to keep an eye on other similar properties that come up for sale in the meantime.
How Long Does A Pending Sale Take?
In most cases, a property will stay in “sale pending” status for 30-60 days. However, there are some situations where a sale may fall through and the listing status will revert back to “For Sale.” If you’re interested in buying a particular property, it’s always best to check with your real estate agent to see what the current status is and find out more details about the situation.
The length of time that a property stays in “sale pending” status depends on a few factors, including:
- The type of loan that the buyer is obtaining
- The contingency period (for example, if there are inspections or repairs that need to be made)
- How quickly the parties involved are able to finalize the paperwork
Takeaway
If you’re thinking about buying a piece of real estate, it’s important to pay attention to the listing status. A property that is listed as “sale pending” means that an offer has been accepted and paperwork is currently being finalized. If you’re interested in buying a particular property, it’s always best to check with a Top Realtor in Willoughby to see what the current status is and find out more details about the situation.