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How long can a house sale be pending

how much do real estate agentsmake

Curious about how long a house sale can be pending in the US? Read on to discover the factors that influence the duration of a pending sale and what homebuyers should expect during this period.

Introduction:

When it comes to selling a house, homebuyers often wonder how long the pending period can last. A pending sale refers to a stage in the homebuying process when an offer has been accepted by the seller, but the transaction hasn't been finalized yet. In the United States, the duration of a pending sale can vary depending on various factors. In this article, we will explore the reasons that influence the length of a pending sale and provide valuable insights for prospective homebuyers.

Factors Affecting the Duration of a Pending Sale:

  1. Negotiations and Contingencies:
    • The negotiation process can significantly impact the length of a pending sale. Buyers and sellers may engage in back-and-forth discussions to finalize the terms of the agreement.
    • Contingencies, such as home inspections, financing, or appraisal contingencies, can also prolong the pending period as additional time may be required to fulfill these conditions.

2

But on average, homes are listed as pending for 30 – 60 days. If the buyer is paying in cash, they may close on the house much sooner.

Why would a sale be pending for so long?

“An offer is 'pending' because there are some items that have not yet been completed in order for the contract to close,” explains real estate agent Chantay Bridges of Los Angeles Real Estate Now. “This can be anything from contingencies of the purchase, repairs, inspections, court approval, or reports.”

Does pending mean a house is definitely sold?

A pending sale in real estate simply means that the seller has received and accepted an offer on their home. However, the deal is not yet finalized — hence “pending” and not simply “sold.” If you're interested in a pending property, your agent should consult with the seller's agent to learn more about the status.

Do pending sales usually go through?

When a home's status changes to sale pending, it means the seller has accepted the buyer's offer and both parties are ready to move forward. Failed pending sales don't happen all the time, but they do occur even in a thriving real estate market.

At what point do most house sales fall through?

Common Reasons Pending Sales Don't Cross the Finish Line
  • The appraisal is lower than the sale price.
  • The buyer can't sell their old home.
  • There are issues with the title.
  • The home isn't insurable.
  • The buyer is inexperienced.
  • There are details missing on the paperwork.
  • The buyer or seller gets cold feet.

What qualifications do you need to be a real estate agent in the US?

General Requirements to Become a Real Estate Agent
  • Be at least 18 or 19 years old (depends on the state)
  • Have legal US residency.
  • Complete your required prelicense education.
  • Pass your state real estate license examination.

How hard is it to become a real estate agent in Texas?

Interested in Getting Your Texas Real Estate License The process of getting a real estate license is fairly simple and easily accessible. Once you have confirmed that you are eligible, you can move on to taking the required courses, and then you can take your licensing exam.

Frequently Asked Questions

What state do realtors make the most money?

The highest-paying states for real estate brokers According to Glassdoor's data, the top five highest-paying states for real estate brokers are Montana, Missouri, Massachusetts, California, and South Carolina.

Does sale pending mean the house is sold?

A pending sale in real estate simply means that the seller has received and accepted an offer on their home. However, the deal is not yet finalized — hence “pending” and not simply “sold.” If you're interested in a pending property, your agent should consult with the seller's agent to learn more about the status.

What degree is best for a real estate agent?

Popular majors for future real estate agents include marketing, finance, accounting, psychology, and business. Even though going to college isn't required, you may find it helpful to complete a degree or certificate program to gain knowledge that would help you succeed as a real estate agent.

Do you have to go to college to be a real estate agent in Texas?

Unlike some states, Texas doesn't have any degree requirements for becoming a real estate sales agent – not even a high school diploma or GED. Instead, they require a very specific real estate curriculum composed of 180 clock hours of "pre-license" courses.

How hard is the Ohio real estate exam?

The passing rate for the Ohio Real Estate Salesperson Exam is 70%. This test is purposefully difficult, but not impossible. Be sure to pay attention during your pre-license course and take studying seriously. If you put the proper effort forth, we know that you can pass on your first attempt!

FAQ

How long does a pending transaction take for a house?
Pending offers (on average) tend to last anywhere between a week and two months, but delays do happen.
Can you buy a house if it says pending?
Typically the listing agent no longer accepts 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.
Does pending always mean sold?
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.
What can happen when a house is pending?
Answer box: When a home sale is pending, it means that the sellers have accepted an offer from a buyer. The home sale will close once the buyers and sellers sign the paperwork that makes the sale official. Once a home is listed as pending, the odds are low that other buyers will get the chance to purchase it.

How long can a house sale be pending

What is the difference between pending and closing? When a home is listed as “pending,” it means that there is a closing date set and that all contingencies have been met or waived. At this time, the lender and the escrow company are busy working with the loan and title documents to be sure that everything will be ready by the closing date.
How to become a real estate agent in Montana? How to Get Your Real Estate License in Montana
  1. Real Estate Pre-Licensing Course. Montana requires that real estate sales agents complete 70 hours of pre-license coursework before sitting for their exam.
  2. Montana Real Estate License Exam.
  3. Real Estate License Application.
  4. Application Review.
  5. Real Estate License Sponsorship.
How do I become a real estate agent in Nebraska? How to Become a REALTOR®
  1. File an application with the Nebraska Real Estate Commission (NREC). Two types of licenses are issued by NREC: a salesperson's license and a broker's license.
  2. Undergo a criminal background check.
  3. Pass the state real estate exam.
How do I get a real estate license in USA? How to get your real estate license
  1. Choose a license.
  2. Research specific state requirements.
  3. Enroll in a pre-licensing course.
  4. Apply and pass the real estate salesperson exam.
  5. Apply for a real estate license.
  6. Find a real estate broker.
  7. Join the National Association of Realtors.
  • How much do realtors make in Montana?
    • Salaries by years of experience in Montana
      Years of experiencePer year
      1 to 2 years$83,507
      3 to 5 years-
      6 to 9 years$106,190
      More than 10 years$104,038
  • Is becoming a realtor worth it in Texas?
    • A commission-based field like real estate directly ties your compensation to the amount of work you take on. For a lot of people, that control is very exciting and motivating. There really is no limit to how much you can make, with enough hard work (and a little bit of luck).
  • How much does a beginner realtor make in Texas?
    • Entry Level Real Estate Agent Salary in Texas. $59,600 is the 25th percentile. Salaries below this are outliers. $91,700 is the 75th percentile.
  • Do realtors make a lot of money in Texas?
    • Currently, the average commission rate in Texas is about 6%. The state-wide median home sale price was $345,000 in Q2 2023. Before you get excited about making $20,000 on a sale like that, there are some important factors to know about. First, commissions are usually split 50/50 between buyer and seller agents.

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