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If a home is listed for sale what does pending mean

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When searching for a home to buy, it is essential to understand the terminology used in real estate listings. One common term you may come across is "pending." In this review, we will explore the meaning of "pending" in a home listing, highlighting its benefits and when it is appropriate to use.

I. What Does "Pending" Mean in a Home Listing?

  1. Definition: When a home is listed as "pending," it means that an offer has been accepted by the seller, and the sale is in progress.
  2. Legal status: The property is no longer considered active and is typically not available for showings or additional offers.
  3. Timeframe: The pending status can range from a few days to several weeks, depending on the length of the transaction process.

II. Benefits of "Pending" in a Home Listing:

  1. Confirmation of interest: The pending status indicates that the seller has accepted an offer, implying that the property is desirable to potential buyers.
  2. Time-saving: As a buyer, seeing a pending status helps you avoid wasting time on properties that are already under contract.
  3. Market insight: Pending listings provide valuable information about the current real estate market,
Buyers Do buyers or sellers pay more in closing costs? Sellers typically pay more in closing costs, mainly because sellers are the ones who cover the real estate agents' commission fees. But while a seller's closing costs are often deducted from the proceeds of the home sale, buyers typically pay these costs out-of-pocket.

Do sellers pay closing costs in SC?

Who pays closing costs in South Carolina? Buyers and sellers each pay unique closing costs to finalize a home sale. In South Carolina, sellers typically pay for the title and closing service fees, owner's title insurance policy, transfer taxes, attorney fees, and recording fees at closing.

Why is the buyer usually responsible for the largest portion of closing costs?

Why is the buyer usually responsible for the largest portion of closing costs? Expenses related to the mortgage loan and down payment make up the majority of the closing costs. What's a typical prepaid item that will go into a seller's credit column and a buyer's debit column on a closing statement?

What are the average closing costs in Ohio?

Closing costs in Ohio are, on average, $1,992 for a home loan of $145,637, according to a 2021 report by ClosingCorp, which researches residential real estate data.

What are the biggest closing costs usually paid by sellers?

Real estate agent commissions are the most significant closing cost the seller typically pays. It's common for the seller to pay the commission for both the listing agent and the buyer's agent.

Does sale pending mean the house is sold?

Eventually, a “contingent” listing status will move to “pending,” which means the issues have been resolved, and the deal is almost done. Homes are listed as pending because even though they are under contract, they haven't sold yet.

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.

Frequently Asked Questions

Why do houses stay pending for so long?

A status of pending usually means that the buyer has passed all the requirements necessary and are just waiting to close. If the seller or their agent feels that the current buyer may pull out or not be able to close, then they may allow continued showings and even a backup offer.

Are the sellers likely to pay closing costs?

Typically, sellers pay real estate commissions to both the buyer's and the seller's agents. That generally amounts to average closing costs of 6% of total purchase price or 3% to each agent. Additionally, sellers often pay for the buyer's title insurance policy, which is a low-cost add-on to the lender's policy.

Can you still make an offer on a pending house?

Can You Make An Offer On A Pending Home? A property with a pending status is further along in the transaction process than one with a contingent status. If you're very interested in a property marked as pending, nothing would legally prevent you from making an offer on a pending home.

FAQ

Why would a house be pending for so long?
A status of pending usually means that the buyer has passed all the requirements necessary and are just waiting to close. If the seller or their agent feels that the current buyer may pull out or not be able to close, then they may allow continued showings and even a backup offer.
Why would a sale be pending for so long?
In the event the contract close date is delayed for funding or repair issues, the pending status would continue until there's a resolution— or the contract is terminated,” Ross says. “This can go on for a long time.”

If a home is listed for sale what does pending mean

What does pending when when viewing a home for sale mean Apr 12, 2022 — 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 
What closing costs do buyers pay in California? For buyers in California, closing costs typically run between 2% and 5% of the home's purchase price. For example: Average closing costs can range from ~$10,000 on the low end to ~$25,000 on a $500K house in California.
  • Does pending mean a house is sold?
    • Eventually, a “contingent” listing status will move to “pending,” which means the issues have been resolved, and the deal is almost done. Homes are listed as pending because even though they are under contract, they haven't sold yet.
  • How long does a pending transaction take for a house?
    • How long does it take for a house to go from pending to sold? In other words, how long does this crazy limbo period usually last? “There's no hard or fast answer, but typically if a buyer is getting a loan, the total under contract time is about 30 to 60 days,” George explains.

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