What does it mean when you have entered the sale pending stage?
A sale enters the pending stage after the seller has accepted an offer and the contract between seller and buyer has been signed. When a property has entered the sale pending stage, it is no longer an active listing—meaning that local agents and listing sites like Zillow and Trulia will no longer show information on the property. But what exactly does entering the sale pending stage mean for the seller and buyer respectively? Here’s what you need to know.
Once a sale enters the pending stage, the seller can no longer pull out of the deal; only the buyer can legally cancel the sale. This is why it’s critical to ensure that you agree with the transaction beforehand. During this period, the buyer will schedule an inspection of the property and then use the results to negotiate price reductions or request that the seller make repairs to the property. After negotiations, the seller is responsible for moving all of their belongings off the property by the dates specified in the contract and cleaning the home thoroughly.
In the sale pending stage, the ball is really in the buyer’s court. This also means that the buyer is responsible for much of the work. During this time, they must submit a formal loan application, have an appraiser come to the property to determine its market value, schedule a property inspection, and have a real estate attorney look over the sale documents to ensure that everything is in order. This time is meant for the buyer to discover any deal-breakers that will cause them to pull out of the sale. If things seem relatively fine, then the buyer can negotiate price and contingencies with the seller. Once both parties settle on a price, the buyer needs to remain in contact with their mortgage lender to ensure that they have provided the proper documents and that there are no other complications that might delay the closing date.
This is what sellers and buyers need to know about the sale pending stage. Are you looking to buy or sell in the Hermosa Beach area? If so, contact the experts at Brighton Escrow to get the top-tier escrow service you deserve. Serving the Hermosa Beach area, we are ready to make home buying and selling a breeze.