A pending status means a seller has accepted an offer, but the contingencies of the sale have yet to be completed. This means the pending home sale could still fall through, and other potential buyers may still have a chance at buying the property.
This also means the seller may have to return to listing and marketing the property, which can be inconvenient for many. Certain conditions can slow down the timeline, leading to a longer timeline from pending to sold.
Learn what a pending sale means, how it can influence your house sale, and what you can do to speed up the process. This guide also reviews things you can do as the seller or buyer to help move a pending home to sold.
What Does “Pending” Mean in Real Estate?
Pending in real estate refers to the time period between when a seller accepts an offer and when closing occurs. An accepted offer doesn’t guarantee a sale. The sale is often contingent on many factors, and the circumstances of these factors may lead to delayed processing or even cause a deal to fall through.
Variations of Sale Pending Status
A real estate listing may show as pending with different statuses, which indicates what could prevent the sale from being completed. Here are some of the most common pending statuses:
- Pending with Contingencies: Pending with contingencies means the contingency conditions have not yet been met.
- Pending Continue to Show: A pending continue to show status means the seller still allows buyers to view the property.
- Pending-Taking Backups: A pending-taking backup status means the seller will accept backup offers.
- Pending-More Than 4 Months: A pending- more than 4 months means the property has been pending for more than four months.
Typical Timeline from Pending Sale to Sold
The typical timeline from a pending sale to a completed sale is between 30 and 60 days, with 30 to 45 days being the most common. However, the actual timeline varies depending on many factors, including the number or complexity of contingencies. How many other offers the seller has received may also influence the timeline.
Pricing a house effectively can influence how quickly it transitions from pending to sold. Learn more about how to price a house for sale to attract serious buyers and avoid delays.
Factors Influencing the Timeline
Here are a few key factors that can determine how long it takes for a property sale to go from pending to sold:
- Financing: A financing or mortgage contingency means the offer depends on the current buyer receiving loan approval.
- Appraisal: An appraisal contingency means the offer is only good if the house appraises for the purchase price. A low appraisal may lead the deal to fall through.
- Home Inspection: A home inspection contingency requires the home to pass an inspection.
- Title Search and Insurance: Title search or insurance contingencies require a clean title to close the loan. Difficulty finding the title or disputes can slow down the sale.
- Closing Date Negotiation: The buyer, seller, listing agent, and buyer’s agent need to agree on a closing date, which can slow down the completion of a pending home.
Any issues with scheduling or reporting during these contingencies can delay the closing of a pending home and, in rare cases, even lead to a voided contract.
Potential Delays in the Closing Process
Delays are common with a sale pending. Either the seller or buyer may request to extend the contract timeline, and if both agree, it can take longer for the home to officially sell. Here are a few causes for delays after the seller has accepted an offer.
Financing Issues
Issues with financing can lead to closing delays or even a deal falling through. Some lenders may take longer to complete underwriting, and others may have stricter requirements, which can also lead to delays. Issues with the buyer’s credit or financial status, such as a change in employment or credit score, can also impact financing eligibility.
Appraisal Problems
Appraisal problems can also impact the real estate transaction, either slowing it down or leading to a deal’s failure. Many buyer’s offers include an appraisal contingency, which means their offer is only good if the home appraises. If a home fails to appraise for the offer price, the deal may need to be renegotiated.
Home Inspection Issues
Buyers also often request an inspection, with the right to request repairs or renegotiation based on the results. If an inspection finds expensive problems, the prospective buyer may request the seller make the repairs or discount the initial deal. If the buyer and seller cannot agree, they may back out of the contract.
Title Issues
Title issues could also lead to a pending offer being extended or canceled. However, the home seller will have to disclose these issues going forward.
Tips for a Smooth Closing
Consider adding a kick-out clause in real estate contracts to keep marketing the property while avoiding unnecessary delays. There are, of course, other things the buyer and seller can do to ensure a smooth closing, including the following.
Staying Organized and Responsive
Both sellers and buyers should stay organized, which means reviewing and understanding the contract in detail and keeping on top of appraisal and inspection timelines. Buyers should get pre-approved before submitting an offer to meet a financing contingency more easily. Selling the buyer’s current home before submitting an offer can also speed up the timeline.
Sales contingencies aren’t just for buyers; sellers can also use them to protect real estate transactions. A purchase agreement with a kick-out clause allows the seller to continue using the local multiple listing service (MLS) to market the property and even accept a better purchase agreement offer.
Sellers might choose offers with secure financing or minimal contingencies to avoid funding or repair issues.
Working with Experienced Professionals
Working with experienced real estate professionals ensures a smooth and convenient home sale transaction. A qualified real estate agent helps sellers choose the best contract while understanding any listed contingencies. Real estate agents also assist buyers in creating a sales contract while finding the best deals in the housing market.
Qualified lenders and title companies are also important in real estate. A real estate lawyer can help buyers and sellers understand the legal consequences of an offer.
Faster Closing when Selling to a Cash Home Buyer
What does the pending stage mean in real estate? A pending home means it is not a done deal. The pending stage of a real estate purchase can easily fall through.
Homeowners who want to sell as quickly as possible with the least amount of stress might want to consider a cash home buyer. Cash buyers usually waive all the contingencies, making a pending home much faster to sell.
Selling to a cash buyer allows sellers to skip appraisals, inspections, underwriting, and expensive home repairs. Sellers are also in control of their closing date with a cash sale. In addition to a faster sale, cash buyers also can help sellers save money. Avoid the cost of real estate agent commissions by selling directly to a cash seller.Contact A-List Properties today at (972) 526-7042 or use our online form to request a fast cash offer for your home.
Zach Shelley
Zach Shelley is a seasoned real estate investor with a diverse network spanning across the nation. As the founder of his own real estate venture, Zach is committed to offering innovative solutions to homeowners facing various real estate challenges.. Through his dedication and strategic approach, Zach continues to make a significant impact in the real estate industry, providing homeowners with alternative pathways to navigate their property transactions.
