Asked by: Quyen Forcenreal estate real estate buying and selling
Why would a house be pending for so long?
Last Updated: 1st April, 2020
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Similarly, why are houses pending for so long?
A: Pending means that there is an offer on the property and the seller has accepted the offer. But there are several items that must be met before the transaction can close. There could also be repairs that need to be made before the buyer or their lender will allow that transaction to close.
what does it mean when a house is pending? A pending sale status means the seller has accepted an offer from a hopeful buyer, but the deal hasn't closed yet. (This is different from a contingent sale.) A property is placed in pending status the minute a contract is executed.
Also to know is, can you make an offer on a house that is pending?
When all is said and done, you may submit an offer on a home that is already pending a sale, but you won't be able to go into contract with the seller while they are already in contract with another buyer. All your offer will do is place you next in line in the event the original deal falls through.
How long does it take for closing on a house?
Average time it takes to close on a house According to Fannie Mae the average closing time for a new purchase is 46 days, and 49 days for a mortgage refinance. This is an increase of 3-4 days from a little over a year ago in 2016. FHA loans take just about the same amount of time 45-46 days on average.