When you see that a house is pending, what exactly does that mean? Pending means that there is an offer on the property and the seller has accepted the offer. But there are several items that must be met before the transaction can close. If it is a short sale, (seller owes more than home is worth) it could take several months or even a year before the sale closes. Some short sale properties have two loans on the property and the seller must get the approval of both lenders before the transaction can close. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that its possible that there could also be repairs that need to be made before the buyer or their lender will allow that transaction to close and these all take time. There is no set rule for pending offer status, as each property and offers are different. Absent a distressed sale though, there are very few circumstances under which a listing would remain pending for more than 30-60 days, maybe 90 at most in a traditional sale. Credit approval expires in 90 days so most loan locks on interest rates are 30 days. Check out below to see what sold in Dunbarton Pines in February 2016:
45040 Lightsway Drive, Novi: 4 bedrooms, 3.1 bathrooms, 2,714 sq. feet, 2 car garage, Sold Price: $350,000
Dunbarton Pines Home Sold
44401 Midway Drive, Novi: 4 bedrooms, 2.2 bathrooms, 2,762 sq. feet, 2 car garage, Sold Price: $389,000
Dunbarton Pines Home Sold
Most Sellers and Buyers are anxious to get the deal done so they want to close as soon as possible. For more information on Dunbarton Pines, or similar Northville or Novi neighborhoods such as Maple Hill, Royal Crown and Carriage Hill, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.