What Does Pending Sale Mean In Connecticut?

By
Real Estate Broker/Owner with Dave Jones Realty, llc. 0789397

What Deos Pending Sale Mean In Connecticut?

 

Buying a home is a process. Once a buyer writes an offer and has it accpted, the listing is placed in a state called " pending sale" During this stage, the title is transferred to the new owner. 

 

Sounds simple, but the stage can become incredibly stressful if the contract milestones are not met on time, or problems are uncovered. Typically, a home sale outlines the term for escrow of 30-60 days. During this time, insepections are completed and reviewed the appraisal is ordered, and the final loal approval is obtained. If there are no delays, the escrow will close on time and the buyer gets the keys to their new home.

Unfortunately, there are often delays in this process, which can cause the sale to drag on some common hiccups include negotiated repairs, financing or redit issues, appraisal problems, missing paperwork, and title issues.

 

At times, delays become excessive and either buyer or selelr may be ready to move on. All Contracts have milestones and benchmarks which outline by what date each step in the process must be completed. When these dates are passed, then the other party can make a demand to perform or close escorw, Working with an experienced real estate agent can help ensure you are protected from unnecessary delays during the pending sale.

 

 

Comments (4)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Dave great job of explain the meaning and process in a simple clear to understand way.

Nov 18, 2021 10:51 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Dave - there is a lot of real estate lingo so it is easy to understand why consumers can become confused.  I don't know about Connecticut but I have noticed that the definitions can even vary within an area as well.   Your advice of having the right representation is wise.  The road to closing can be bumpy at times.   

Nov 19, 2021 06:39 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Dave:

Going Pending is just the beginning of what can be a complex process.  There's some good information here for buyers, especially those new to home buying.

Enjoy your weekend!

Jeff

Nov 19, 2021 05:13 PM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

It seems to me that Pending in your area in of Connecticut is very similar to Pending in our market here in the San Francisco Bay Area. Lots of stuff needs to happen during the escrow period after the house is Pending and before the house is Sold.

Nov 20, 2021 01:14 PM