Home Buying in 10708>Question Details

Lilylily0524, Other/Just Looking in 10001

Listing status: Pending VS. conditional contract? How long does it take for a conditional contract to become pending averagely?

Asked by Lilylily0524, 10001 Wed Apr 18, 2012

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Dear Lily,

It all depends on the two parties and how quickly they sign the contracts and when the buyer recieves the commitment letter from the mortgagor.The average time for a cash deal is one week.The rest all depends on how fast the inspection and appraisal are done.

Hope this helped your answer.I am free at anytime to assist you in all your real estate needs.

Thank you for inquring on Trulia about your home buying needs.

Lisa Loeb
0 votes Thank Flag Link Thu Jul 5, 2012
It is depend on the parties situation. When two parties complete their commitment it close.
0 votes Thank Flag Link Thu Apr 26, 2012
Hi, it all depends on what the contingencies are in the contract. Usually once a mortgage commitment is issued it goes to pending status..since mortgage and inspection are usually the main contingencies.

0 votes Thank Flag Link Wed Apr 18, 2012
I conditional contract can become a pending immediately if it is a cash transaction. If the borrower is waiting for a clear to close from a lender or a clear to close from a coop board, it can take weeks, even months.

Lately the banks have been dragging their feet with all the due diligence they are performing. PATEINCE is the watchword.

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Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville

Direct 917-855-0277
0 votes Thank Flag Link Wed Apr 18, 2012
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