We buy houses in Houston Texas. And sellers were asking us about how long can a house be listed under pending offer before it goes through? The official answer would be the agreement that the Houston TX home buyers and sellers reached between the proposed closing date and all contingencies have expired. The reality is that oftentimes with a retail house sale there are other parties involved such as mortgage company underwriters, title insurance policy underwriters or surveyors that can affect the timeline. So, at that point, it is about what the seller is willing to wait past the agreed term upon contingency periods.
Another answer to these questions would be AS LONG AS IT TAKES since there’s no restriction or limit on the amount of time of a listing that can remain pending prior to close. So, until the escrow closes and the buyer and seller are working things through.
You have to know that the process of selling a house in Houston TX has to be taken step by step so you know exactly at what point you are in the process.
Now, a pending offer means that it’s pending to close. A pending offer’s inspection contingency period has expired and all parties are moving towards closing. Many times, transactions do still fall through due to the mortgage financing and, if there was an agreed term upon contingency, the buyer could still terminate if not finally approved by the lender and still recuperate their earnest money deposit. If in fact, the buyer did not have a financing contingency or that agreed financing contingency time period has elapsed, the seller may be owed the earnest money deposit by default.
A pending home sale could also mean that there’s an offer on the property and the seller has accepted the offer. But there are several considerations to be taken before the transaction can close. If it’s a short sale, (seller owes more than the home is worth) it could take several months. Some short sale properties have more than one loan on the property and the seller must get the approval of every lender before the transaction can close.
A typical timeframe for a pending offer is 20 to 30 days but could last longer depending on the agreement upon as a closing date between parties.
A pending offer status could be complicated and extended by pending repairs, surfacing title issues or special arrangements such as offers contingent upon a buyer’s current house sale. To name a few.
It is not closed until it is signed and funded by all parties. So, do not be mislead by the term pending offer, the transaction may still fall through by specific contingencies besides the inspection period.
If you have any questions, comments or concerns let us know on the form below. As well, you can check out our Blog. You may find the answer you are looking for there.
Sell My House In Houston TX
When we make cash for houses in Houston TX offer, we include all these expenses so you don’t have to worry about anything. So, when you sell your house in Houston TX and you are not willing to spend time and money to go through the whole home selling process to make sure everything is done right we are your perfect solution. We are local homebuyers Houston TX and we take care of everything for you, you only need to wait for the money in your pocket.
Johell Aponte – Founder and Manager of MoveOnHouseBuyers.com a house buying service company serving Houston since 2012.