What is a Pending Sale?
Home purchases involve a procedure. The listing is placed in a status known as "pending sale" once a buyer submits an offer and it is accepted; during this time, the parties involved carry out all the terms of the contract, and once finished, the title is transferred to the new owner.
Although it seems straightforward, this step can become quite stressful if the contract goals are not fulfilled on schedule or if issues are discovered. A house sale often specifies an escrow period of 30 to 60 days. Inspections are finished and reviewed during this period, the appraisal is ordered, and the loan is finally approved. The escrow will close on schedule, and the buyer will receive the keys to their new house if there are no delays.
Unfortunately, this procedure frequently experiences delays, which can make the transaction drag on. Some typical snags include negotiated repairs, credit or financing concerns, appraisal challenges, a lack of paperwork, and title problems.
When there are too many delays, the buyer or the seller might be ready to part ways. Every contract has benchmarks and milestones that specify the deadlines by which each stage in the process must be finished. When these deadlines have passed, the opposite party may demand performance or ask for escrow to be closed. With a seasoned real estate agent's assistance, you can ensure that you are shielded from needless delays during the pending sale.
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