How long is too long for "Pending" status?
I'm seeing a curiosity in my property hunt. One I looked into, but didn't find a satisfactory answer.
Right now, I see properties that go from "On Market" to "Pending" within 1-3 days. Breakneck pace, yes, but what puzzles me is what happens afterward (at least in the markets I'm watching). Those same properties stay "Pending" for weeks or months. I'm talking 45, 60, even 90 days in "Pending" status.
Unless I'm missing something, isn't the normal time for "Pending" about 30 days? Enough time for the inspections, lender approvals, paperwork, etc.
For properties to stay in "Pending" so long baffles me. Does anyone have an explanation for why you'd see this?