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#423481 - 05/08/13 07:35 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: Mapper]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2189
Loc: Outer Banks
Originally Posted By: Mapper
The short sale was already approved by lender and we bid $10,000 over so there shouldn't be a problem should there?


That approval means nothing. Your high bid means nothing.

Until you have something from the seller's lender in writing that your offer has been approved DO NOT spend any money.

Even then the deal can die. We just had one where the lender approved our cash offer and a couple of weeks before closing they foreclosed on the property. Our buyer then went and bought the house on the court house steps for $20,000 less than the approved cash offer.

Do not expect any logical thinking in this deal.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#423978 - 05/19/13 12:15 PM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: Mapper]
mockingbird Offline
Junior Member

Registered: 08/10/07
Posts: 9
Loc: Arizona USA
It amazes me that some agents are so horrible at keeping their buyer informed as to what is taking place. There are listing agents that are doing short sales that are not qualified to do them. I know I am not qualified but that doesn't seem to bother some agents. I have sold enough short sales (selling agent) to know that this buyer really has nothing yet to indicate she is the buyer of the property she has made an offer on. Once she gets a signature from the seller maybe she will eventually get an acceptance by the lender but right now she hasn't even got the seller's signature.

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