Every single industry has terms and phrases that have a specialized meaning in that circle, these are referred to as “terms of art.” The real estate industry is no different, but if you know the Chernov Team, you know we believe knowledge is power. Moreover, we believe in empowering our clientele with that knowledge. Today, we discuss the term “sale pending”/ “pending offer.” Now, you could probably guess what the phrase means with a good deal of specificity (we never said “terms of art” were hieroglyphic-level complex). Like most things however, understanding the nuance of a term of art is more important than grasping general concept.
In case you hadn’t already guessed it, “sale pending”/ “pending offer” means there is already a live contract (one that is enforceable by the Court). However, common sense will tell you that contracts don’t always go through; there are generally a number of condition precedents before one party is obligated to perform the bargained-for-act (in this case, transfer title).
As a general rule, the “contract” finalizes quicker when a buyer is paying in cash versus a buyer who is paying with a loan; in the pay-by-cash scenario, a contract can resolve within as quick as a week, while a pay-by-loan scenario usually takes between 30-45 days. Of course, contracts with more complex terms will take longer to complete.
Now for the million dollar question, can you speed the process up? Yes! Being organized and having a top-tier real estate agent can really make things go quicker. Being able to anticipate things that will delay a sale, and being proactive about resolving those issues preemptively will make the process seem far smoother than it usually is. The Chernov Team specializes in sales in Studio City, Encino, Sherman Oaks, and Tarzana and will be able to move the process along smoothly.
At the Chernov Team we understand that knowledge is power, and knowledge of the process is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.