Columbus Ohio Real Estate Experts

What Happens During the 'Pending' Process?

The word "pending" means that an offer has been accepted and we are either waiting for the inspection or the inspection has passed and now are waiting to close. Pending is the waiting time between making an offer and closing the sale.

A pending sale takes place after the seller has accepted the offer and the contract between the buyer and the seller has been signed. The property is no longer an active listing on the multiple listing service and the sellers cannot accept any other offers unless the buyer decides to pull out and terminate the contract.

Pending could also include the due diligence period. This is where the property has an inspection and public record check or title check is done to make sure there are no legal issues to selling the property. It could also start after this phase once the inspection report has been completed and satisfied.

Even so, a deal can fall through after all contingencies have been satisfied. If the financing doesn't go through or the home inspection reveals something that the buyer doesn't want to deal with, if the title reveals liens on the home or the appraisal does not match the offer, the deal could be terminated. So what happens during this time to the buyer, seller, and all parties involved?

The buyer.
Once an offer is accepted the buyer will prepare on therein finalizing any documents needed to the lender, title insurance, and schedule the home inspection. This is typically done within 7 to 10 days after mutual acceptance of the offer. The formal application for the loan is submitted to the lender and the lender will issue an appraisal.

Separately, the buyer will schedule a home inspection. This is a great way to gain insight into the property from the inspector. We encourage all of our buyers to accompany the inspector throughout the property understanding and learning as much as they can about the home they're going to purchase. Once the inspection is completed, the inspection report will be emailed or given to the buyer where they can review the report and negotiate any changes to the purchase and sale contract.

The seller can either agree to the changes or the buyer can accept the property as-is. At this point, is simply waiting for closing. The buyer needs to prepare their own home by packing and getting ready to move. It's important not to make any large financial moves at this time since your interest rate will be based on your current financial status. If that changes dramatically, it could upset the loan application and could possibly ruin their chances of getting a home loan at all.

The buyer should also conduct a final walk-through to verify the property is in the same condition or better than when they first saw it.

The buyer should keep in contact with their lender to make sure that they have provided all the right information and financial documents. Once everything is completed the buyers will be notified about the final closing. Escrow, title, or the buyer's real estate agent will notify the buyer about the final signing, when and where. Once the buyer and seller have signed the final closing documents, it typically takes anywhere from 1 to 3 days for finals closing. It is only after the property deed is recorded with the local county that the buyer can receive the keys to the property.

The seller.
The seller actually has more time to relax during the pending process. They can simply start packing and prepare their moves. They don't have to be there during the home inspection and they really are just waiting and hoping everything works out perfectly on the buyer's end. The listing agent will schedule the inspection, appraisal, and any additional visits to the property but the seller may need to be present to let people in. However, while it's nice to be able to see the property before you purchase it, the seller is not required to allow the buyer in the property multiple times before closing. The buyer has already agreed to purchase the property so letting the buyer in for frivolous items such as measuring for furniture and such, is not mandatory.

The final step for the seller is to move out and leave the property in a clean condition. The buyer will typically do a walk-through a couple of days before closing so it's important to leave the property is clean and neat as possible. If the seller leaves garbage or destroys the property in any way, they will be liable and could ruin their chances of selling the property.

What if there are other interested buyers during the pending process?
Typically, the listing agent and seller will no longer accept offers once the property is pending. But deals fall through all the time so pending doesn't necessarily mean sold. Buyers may not submit a formal offer while a deal is pending but you can inform the listing agent that should the deal fall through, you have interested parties waiting in the wings. Don't get too attached though, as this is not a guaranteed way to find the right house. It is, however, an option just in case.

For more information on Columbus real estate, contact our agents today!

Article originally posted here: https://www.visionrealty.com/blog/what-do-we-do-when-the-property-is-pending/

columbus, lewis center and gahanna real estate

Columbus Ohio real estate - Vision RealtyAs a certified Realtor® for the top-rated Columbus Realty Firm - Vision Realty, with 32 years of dedicated real estate experience, I can help buyers, sellers, investors, short sale sellers and more find, sell or invest in the right property, at the right price, at the right time. Contact me anytime for updates and information on the Columbus OH Real Estate market.

 

Donald Payne - Vision Realty, Inc.
4608 North High Street

Columbus, OH 43214

Toll-free: (866) 510-2223

Cell: (614) 323-4348
DonaldPayne@VisionRealty.com
Follow Me on Pinterest

LinkedIn Donald Payne Twitter Vision Realty - Donald Payne Vision Realty on Facebook Vision Realty YouTube Listings Vision Realty Columbus OH real estate search
Comment balloon 0 commentsDonald Payne • May 18 2020 02:13PM
What Happens During the 'Pending' Process?
share
The word "pending" means that an offer has been accepted and we are either waiting for the inspection or the inspection has passed and now are waiting to close. Pending is the waiting time between making an offer and closing the sale. A… more
Are You a Jerk? It Could Be Costing Your Client
share
I've been in the real estate industry for years and now my son is following in my footsteps. We have built our business on faith, integrity, communication, and amazing referrals. This business is all about relationships and fostering great… more
Benefits of a Traditional Broker Over a Discount One
share
Everyone wants a discount, obviously. But is cheaper always better? If you’ve lived long enough to know that that is not the case you might be doing a little more savvy shopping these days, especially when it comes to looking for a real estate agent… more
How to Appeal Property Valuation in Franklin County OH
share
It's that time again for the Franklin County Board of Revision to hear any formal complaints on property valuations or disputes on the rental registration fees that of been charged to selected properties. These complaints can be accepted from the… more
Drones, Mold, and Copyrights - Oh My! Association Concerns
share
Homeowner or community associations have been around for years but things are changing. According to USI insurance services, emerging trends in drones, copyrights, and mold may be a dominating factor in the years to come. These issues trigger… more
Can a House Fall Out of Escrow?
share
Interesting question I got this last week about a house falling out of escrow. Once you have an accepted offer on a house, escrow can open until the home "closes" escrow and you can move in. But there are several ways that a home can… more
How to Handle a Real Estate Counter Offer
share
The Art of the Counteroffer. You've made an offer to purchase a property and you sit and wait with baited breath on pins and needles for either acceptance, rejection, or a counteroffer. Counteroffers are very common, especially if you've asked the… more
5 Signs of a Lousy Real Estate Agent
share
Not all real estate agents are created equal and in today's market, it's even more important that agents go the extra mile on behalf of home sellers and buyers. So how can consumers know they're getting a good agent? Well here are six signs of an… more
Don't Agree With Your Property Value?
share
Home values in Franklin County have been a huge issue over the last couple of years, primarily due to inconsistent and inaccurate valuations made by tax assessors. Because of this, homeowners have sought out options to contest the valuations. The… more
Stop Making Verbal Agreements!
share
"Sure, you can have that planter box! " "We'd love for you to keep the BBQ". "I promise this will all be cleaned up by the time you move in". These are only some of the things that I've heard buyers and sellers say in a… more