It’s common to see a “pending” status next to some of the homes you like during your search for the perfect property, but what does that really mean? In the Austin real estate market, buyers are looking for the right homes and to shorten closing times. As an Austin buyer or seller, how does a “pending sale” notification affect the offers and the time it takes for you to receive the keys to your new place? Let’s take a look!
Pending Sale Defined
The basis of the pending status is that an offer has been accepted, and there’s a binding contract between the buyer and seller. That doesn’t mean that the sale will always go through, though. There are still steps that both the buyer and seller need to take in order to close on the sale. The pending status remains while the parties are working on completing the items needed for their contract.
Time Contracts Take to Close
The pending status waivers in the time it takes to close on a deal. It depends on a variety of factors, but it usually takes between 30 and 60 days, if a buyer is receiving a loan to purchase the home.
Reasons for Pending Sale Delays
Home repairs and financing issues can be some of the most common reasons for a home sale to take longer to go through. If there’s any missing paperwork or issues with the title, as well as red tape to break through for a loan, that can bring on longer times to close on a property. This is when it will be important for both the buyer and seller to keep open lines of communication and make sure that the REALTORS® are alerted of any changes.
It’s always crucial to have a great REALTOR® on your side to make sure that the deal goes through, help you complete the to-do list that was stipulated in the contract, negotiate on your behalf, and help you make sure the other party is staying on top of everything that’s needed as well. Whether you’re a buyer or a seller that is looking to keep the “pending” status to a minimum and navigate the Austin real estate market, we’re more than happy to help you do just that. Give us a call at 512-828-7074 or simply fill out the short form below:
