Asked by: Quyen Forcen
real estate real estate buying and selling

Why would a house be pending for so long?

19
It could be that those houses are contingent on the sale of the buyer's house. That might take longer to get to closing. It could be that the seller wanted to wait to close until warmer weather--another reason for a delay. It could be the buyer is transferring from another location and wanted to wait to close.


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.

Related Question Answers

Hongyan Pisica

Professional

Can seller back out of signed offer?

Just like buyers, sellers can get cold feet. But unlike buyers, sellers can't back out and forfeit their earnest deposit money (usually 1-3 percent of the offer price). If you decide to cancel a deal when the home is already under contract, you can be either legally forced to close anyway or sued for financial damages.

Lasana Rodehutscord

Professional

Can a seller back out during due diligence?

Yes, a buyer can back out of a sales contract before closing - but what are the consequences. If the buyer backs out, they may have to forfeit part or all of this money, depending on the terms of the original sales agreement, including contingencies in which the buyer can walk away.

Eddin Theisz

Professional

Can a buyer back out day of closing?

The simple answer is yes. Buyers can back out of a sales contract — and in a small number of cases they do. According to the National Association of Realtors' (NAR) Realtor Confidence Index for May 2018, surveyed realtors said an average of 5% of contracts were terminated before closing.

Diaby Blowitz

Explainer

Does no longer on the market mean sold?

It means the EA marketing the property has removed the advert. Our old house (which we completed on) says no longer on the market, but it can also mean that the house has been removed from sale, or the vendor has ended their contract with that agent and is marketing it with another agent.

Sher Balunda

Explainer

What does off market mean on Realtor?

An off-market sale is a term used to define a property that is selling, or has already been sold, without any public advertising. Off market means the home can be bought if its owner is presented with an acceptable offer but has decided not to promote the fact.

Lambert Gaudes

Explainer

What happens if buyer does not accept counter offer?

Once the offer has been signed by both parties, the offer cannot be withdrawn. However, if both parties have not signed the offer, then the seller can withdraw their counter offer. Counter offers also usually have an expiration date, at which point they are null and void, and a new offer would need to be presented.

Oswald Putrico

Pundit

Can seller back out if appraisal is high?

A home that appraises for higher than the purchase price is a benefit to buyers as it means instant equity. Its impact on sellers is subject to how motivated they are. Still, offering something for sale only to find out that it's worth much more may be enough to make a seller reconsider.

Ozie Montero De Espinosa

Pundit

What percentage of House offers fall through?

A whopping 36 per cent of house sales fall through each year according to research – that's around 300,000 failed transactions.

Yazza Hopfner

Pundit

Why do pending home sales fall through?

One of the most common reasons a pending sale falls through is that the buyer isn't able to qualify for financing. To receive a pre-approval letter, the lender has typically checked the buyer's credit, verified their documentation, and approved them for a specific loan amount, according to Investopedia.

Yamila Furriol

Pundit

What is the difference between contingent and pending on a house?

When a property is marked as contingent, an offer has been accepted by the seller. Contingent deals are still active listings because they are liable to fall out of contract if requested provisions are not met. If all goes well, contingent deals will advance to a pending state.

Pradiumna Etayo

Pundit

What does option pending continue to show mean?

Pending means that the seller does not want to show the property to any other buyers at all. Pending continue to show means that the seller is moving forward with the current buyer in good faith. However, the property will continue to show through the listing agent.

Bobo Higueruela

Teacher

What happens when an offer is accepted on a house?

Once your offer has been accepted your property solicitor will move forward with the conveyancing process. Finally, your conveyancer will ask you to read and agree to the terms set out in your contract. Upon exchanging these contracts with the seller, your ownership of the house will become legally binding.

Lucy Liceaga

Teacher

What is the difference between option pending and pending?

Pending means they are out of the Option Period to back out of the Contract due to repairs. Pending means the home has an accepted contract and on schedule to close per the contract. Option Pending means the contract is uted but the buyer has the right to terminate within the days agreed upon during the option period.

Boulus Fenster

Teacher

What is difference between pending and under contract?

A major difference between the interpretation of sale pending versus under contract is that the buyer's agent typically advises his client not to hold out hope with a sale pending, but the buyer may have an opportunity to cut in on a home under contract if it has major contingencies.

Tiago Pumar

Teacher

Can you look at a house that is contingent?

When you are looking at online home listings, "active" status indicates that the property is available for sale. But with a contingent listing, the contract is contingent upon the buyer's ability to sell his existing home, i.e., if the buyer doesn't sell his home, he is able to back out of the contract.

Alian Hicks

Reviewer

What is the difference between active contingent and pending?

When a property is marked as contingent, an offer has been accepted by the seller. Contingent deals are still active listings because they are liable to fall out of contract if requested provisions are not met. If all goes well, contingent deals will advance to a pending state.

Aramata O keefe

Reviewer

Can a pending House fall through?

Typically, the listing agent is no longer accepting offers once the property is listed as pending sale, so you won't be able to place your bid. But real estate deals can fall through for a variety of reasons, so a pending sale isn't a done deal.

Crhistian Poblador

Reviewer

Is pending or contingent better?

Pending. Contingent means the seller of the home has accepted an offer—one that comes with contingencies, or a condition that must be met for the sale to go through. Contingent—No Show/Without Kick-out: The seller has accepted an offer with contingencies, but will no longer be showing the home or accepting offers.

Huihui Kirchschlager

Reviewer

Can we put an offer on a house that is pending?

If a house is “pending,” that means there's an active purchase agreement on the house. In most cases, a realtor can still show you the house and you can make a backup offer if you so choose. However, your offer cannot be accepted unless the first offer falls through.

Co-Authored By:

EveryThingWhat Staff Editor

15

1st April, 2020

31

81% of readers found this page helpful.

4.7/5

Click a star to add your vote

Similar Asks
Trending