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#423402 - 05/06/13 09:51 PM Can a sale show up as pending on a website before the chosen buyer gets noti
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Sorry for posting this again, but this is the better forum for it.

I ask because my husband and I put in an offer on a house yesterday and were told there was only one other offer. We bid $10,000 over the price. I have been keeping an eye on a bunch of different real estate sites and now they are all agreeing that it is a pending short sale as of this evening. We have not heard anything from our agent so we are wondering if it was our offer that was chosen and just by accepting it without our knowledge if it can go pending or we have to sign something first before it goes pending?

Also, could pending mean they have enough offers and will work with what they have so the agent may have changed it to pending so no more came in? Or could it mean our offer was selected but now the bank has to approve it before we hear about it? I should add that this was listed as an approved short sale so I would think our $10,000 over would be good.

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#423404 - 05/06/13 11:54 PM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: Mapper]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
Just because you offerd $10,000 above list price does not mean your offer is the offer they are going with.
_________________________
Johnny James
Real Estate Broker in CA
(855) 898-3354
Greater Los Angeles Area
www.PalmdaleRealestate.biz
Have Car Will Travel
For Those That Google JohnnyJamesBroker@gmail.com

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#423413 - 05/07/13 07:44 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: johnnyloans]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Yes I understand that. However, I am curious to know that when a seller has accepted an offer, does the buyer need to sign something more before it goes into pending status or is it just a case of the seller going "Yup we like this offer and we assume they still want the property so it is going into pending and we will notify them that their offer won tomorrow".

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#423414 - 05/07/13 08:15 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: Mapper]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7564
Loc: Vermont's North-East Kingdom
This all varies from State to State, so only someone in the Washington jurisdiction could tell you with certainty what time frame applies for letting you know . . . . and thus putting the ball in your court because various subsequent deadlines are predicated upon "so many days following Seller's Acceptance" or words to that effect.

Meanwhile:

Originally Posted By: Mapper
". . . I should add that this was listed as an approved short sale so I would think our $10,000 over would be good . . ."

What about the new loan (if any); did you submit evidence of Pre-Approval to support your own financing of the purchase ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#423415 - 05/07/13 08:16 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: Vermont]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Yes we had a pre-approval letter in with all the paperwork.

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#423417 - 05/07/13 08:30 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: Mapper]
HomeTeamGA Offline
Member

Registered: 07/15/11
Posts: 339
Loc: Georgia
What is your agent telling you? Sometimes it takes a few days for an accepted offer to show up as pending at the multiple listing service where the home is listed. As far as a website like Trulia, Zillow, or Realtor.com who knows. I have seen homes listed as active on some of those sites that sold or expired 6 months ago. If the offer was accepted then your agent should have received a copy of the accepted offer. You will need to have that before you can proceed with getting a loan. If the offer was acccepted it still will be subject to approval by the short sale lender. Just because you offered $10,000.00 over the list price doesn't guarantee acceptance by the lender. It's going to come down to the bpo or appraisal and approval by the investors that the short sale lender is servicing the account for. Even then you need to hold your breath and hope that the investors don't decide to foreclose before the offer is reviewed and accepted. In short sales you have the short sale lender's short sale department, their foreclosure department, and the investor. Very rarely are these 3 on the same page.

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#423418 - 05/07/13 08:41 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: HomeTeamGA]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
We haven't heard anything from our agent. However when we went to put in our offer, our agent told us that the listing agent seems quite unorganized and fly by the seat of her pants so maybe she hasn't gotten around to telling him or sending him the accepted offer. The Redfin, Remax and John L Scott sites all show the house as pending so I'm sure that the MLS service would show it as such as well.

But I mean to go pending, is all it takes is for the sellers to say they accept our offer and sign it and send it to our agent and it goes pending? Nothing more needs to be signed on our end to simply have it listed as pending?

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#423422 - 05/07/13 08:55 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: Mapper]
HomeTeamGA Offline
Member

Registered: 07/15/11
Posts: 339
Loc: Georgia
If it shows up as pending than that means that there is an accepted offer which may or may not be yours. There may have been one that got accepted before yours was presented. You need to have your agent press for verification of the acceptance of your offer. In the offer there are certain time tables regarding due diligience and contingencies, many of which start upon acceptance of the offer. Sounds to me like the short sale agent isn't the only one who doesn't have their act together. It's time for you to put your foot down and demand an answer. One way to get everybody moving is to give them a deadline like....If I don't get a copy of the accepted contract within 24 hours then we want to withdraw our offer. If that doesn't get you an answer then this may be one deal you might need to step away from. You don't need to be involved in a short sale with agents who don't know how to do their job. In many areas values are going up and the longer you have to wait, the more you will have to pay for the next house if this one doesn't go through.

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#423423 - 05/07/13 09:01 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: HomeTeamGA]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
So you're basically saying that it's a possibility that the seller and listing agent have accepted our offer and just changed the status to pending, but us and our agent may not know yet due to the selling agent not getting around to sending him the approved offer?

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#423424 - 05/07/13 09:08 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: Mapper]
Grampa Offline
Major Contributor

Registered: 06/30/09
Posts: 2276
Loc: Margaritaville
That is a possibility.

Another thing to keep in mind that rising home prices could have less impact than rising interest rates on how much you end up paying for a home.

I agree with the prior poster who said if you can't get the agents on the ball you should move on.
_________________________
"Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind."
Dr. Seuss

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#423432 - 05/07/13 11:04 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: Mapper]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
We just got word that we got it!!! I was so surprised as I was positive it was someone else because we didn't hear anything but it went pending anyways. I know I shouldn't get too excited because it's a short sale and a zillion thins could happen, but we're on track!

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#423434 - 05/07/13 11:49 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: Mapper]
HomeTeamGA Offline
Member

Registered: 07/15/11
Posts: 339
Loc: Georgia
Congrats! I hope everything works out for you. If you really want the home you need to be patient. If it was a pre-approved short sale things can go quickly but that is up to the lender and their processes. I've seen it take anywhere from 2 weeks to 9 months. I wouldn't spend any of your money until you get the clear to close letter from the seller's lender. Just make sure your mortgage broker is sitting on go ready to push your loan through once everything clears the short sale process.

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#423469 - 05/07/13 10:27 PM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: HomeTeamGA]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
Well now I am HOPING our offer was accepted. Our agent forwarded the emails between him and the listing agent to us. I hope there was no breakdown in communication because I don't think that English is this listing agent's first language by her writing.

Our agent sent her an email with our offer on Sunday afternoon. She replied back late Monday morning with "Thank you for the offer,i will signed around and i will keep you posted." So she's going to send it around or have them sign it? Confusing. Our agent then responds that evening with "Will we get it back today?" She responds this morning with "my seller is not available last night,i will get appointment tonight and i will keep you posted,thanks a lot". There's nothing in those emails that says our offer was accepted. To me it sounds like they are still picking an offer but it said pending as of Monday afternoon. Maybe he actually spoke with her over the phone and there's something we're not seeing, but his statement in the email was "Looks like we’re in business!! Once I receive the signed contract back we can schedule the inspection and deposit earnest money."

Should I be worried that this won't go through? You'd think if the offer was accepted that the sellers would be right there to sign the papers as they say they accept it.

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#423479 - 05/08/13 07:25 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: 2205
Loc: Outer Banks
When the listing agent gets the seller to accept your offer it is not a done deal. Next you have to get the seller's lender to approve the deal.

It sounds like your offer has not yet been sent to the seller's lender.

When you get the signed offer back from the seller DO NOT spend any money for an inspection. DO NOT deposit the earnest money.

You need an approval letter from the seller's lender before you spend any money or make any commitments.

The seller's signature means absolutely nothing in a short sale.



Edited by Bigtoe (05/08/13 07:29 AM)
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#423480 - 05/08/13 07:28 AM Re: Can a sale show up as pending on a website before the chosen buyer gets noti [Re: Bigtoe]
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
But we first need the seller to sign the contract so nobody else can get it, right? The short sale was already approved by lender and we bid $10,000 over so there shouldn't be a problem should there?

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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: 2205
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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