Buying a home is a process. Once a buyer writes an offer and has it accepted, the
listing status is called a “pending sale.” During this stage, the principals involved perform all the elements of the contract, and once complete, the title is transferred to the new owner.
This might sound simple, but this stage can become incredibly stressful if the contract contingencies are not met on time, or if problems are uncovered. The Purchase Agreement outlines the term pertaining to the closing date, etc.. During this time, inspections are completed & reviewed, the appraisal is ordered, and final loan approval is obtained. If there are no delays, the transaction will close on time and the buyer gets the keys to their new home.
Unfortunately, there are often delays in this process, which can cause the sale to
drag on. Some common hiccups might include; negotiated repairs, financing or credit
issues, appraisal problems, and title issues.
At times, the delays can become excessive and either buyer or seller may be ready to move on. A majority of the contracts have contingencies and benchmarks which outline by what date or number of days each step in the process must be completed. When these dates are passed, then the other party can make a demand to perform or cancel. Working with an experienced real estate agent can help ensure you are protected from unnecessary delays during the pending sale.
If you’re looking to buy or sell a condo, a single-family home, or a townhome in Minneapolis, St Paul, or the surrounding areas, please feel free to contact Shannon Lindstrom, Realtor with RE/MAX Results @ 612-616-9714 today!
