It is likely that you have seen sale pending or pending offer signs on California homes that are on the open market. This typically means that an offer has been accepted to buy the property but that the sale is not yet complete.
There is no set timeline for a home sale to close
After you make an offer to buy a home, you’ll likely want to inspect the home, and you may also need to secure financing to complete the purchase. It is also possible that the seller will agree to make repairs to the property before it is sold. In the event that you are buying a short sale or foreclosed home, the lender that currently owns the property will need to sign off on the sale as well. It is important to note that the contract does not expire and can only be terminated if all parties to the deal agree to do so.
Staying organized can help a home sale close faster
Missing paperwork can delay a closing by several days, weeks or months depending on how long it will take to locate or replace it. In many cases, paying in cash helps to speed up the closing process because there is no need to wait for a bank to approve your loan application.
Your real estate agent can help move the process along
A real estate agent will likely know what needs to be done to ensure that the sale closes in a timely manner. He or she may be able to communicate with the agent for the seller or with the seller directly to determine what needs to be done and the timeline for doing so.
If you are looking to buy a home in the near future, it may be a good idea to do so with the help of a residential real estate attorney. An experienced attorney can help guide you through what is often a complicated process.
