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#423611 - 05/10/13 08:02 AM House has been pending-pending backup offer several times...seems fishy!
Mapper Offline
Member

Registered: 05/02/13
Posts: 87
Loc: WA
I'm sorry for all the questions on here lately, but our agent has been so vague with us that he hasn't been a great source of info.

Our agent finally called, rather than email, the listing agent on the house we apparently got our offer accepted on and after 2 days of her saying that the sellers weren't available to sign and that she'd make an appt. the next night to have them sign she now tells our agent that they are out of town until Monday and they will sign then. It seems odd that they picked (apparently!) our offer but the agent had no idea they were out of town until now.

On top of that weirdness I looked at the history of the house on Redfin. The home was built in 1993 and is on it's 6th owner. There's nothing odd about the transactions up to the current owner. All the sales went through one pending, then pending inspection status before being sold. The current owners bought it in July of 2010. It was listed for short sale in Feb 2012. Between then and June 2012 the price changed 12 times. Since then this is what has transpired (start from the bottom and work your way to the top):

May 06, 2013
Pending (Pending Short Sale)

May 02, 2013
Price Changed (Active) $199,000

May 02, 2013
Relisted (Active)

Apr 24, 2013
Pending (Pending - Backup Offer Requested)

Mar 06, 2013
Pending (Pending Short Sale)

Mar 06, 2013
Delisted

Mar 03, 2013
Price Changed
$190,000

Feb 22, 2013
Price Changed
$195,000

Feb 05, 2013
Price Changed
$197,000

Jan 23, 2013
Relisted (Active)

Dec 06, 2012
Pending (Pending - Backup Offer Requested)

Nov 11, 2012
Pending (Pending Short Sale)

Oct 11, 2012
Listed (Active)
$199,000

Oct 03, 2012
Delisted (Cancelled)

Oct 03, 2012
Relisted (Active)

Jun 08, 2012
Pending (Pending - Backup Offer Requested)

It has gone from pending to pending-BU offer requested, back to active on 3 separate occasions in less than a year. There are multiple offers being put on every house we look at so I'm sure there were several backup offers. How can this go back to active so many times without ANY of these offers being chosen? That combined with the fact that we haven't been able to get the sellers to sign our accepted offer yet and the fact that the agent either really doesn't know what's going on with the owners or is in cahoots with them and is working stall tactics for whatever reason makes me think this is a very fishy situation.

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#423617 - 05/10/13 11:01 AM Re: House has been pending-pending backup offer several times...seems fishy! [Re: Mapper]
Artiste Offline
Major Contributor

Registered: 06/12/06
Posts: 2367
Loc: Arizona Bay
Lots of buyers change their minds or can't wait the time it takes for the short sale to close or can't get financing or the loan servicers got changed or the owner isn't short selling they're just buying time.
_________________________
Let's take back the real estate between our ears and get green like a sonofa$%^&*

NAFTA is over!!
(if you want it)


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#423703 - 05/12/13 01:24 PM Re: House has been pending-pending backup offer several times...seems fishy! [Re: Mapper]
HomeTeamGA Offline
Member

Registered: 07/15/11
Posts: 339
Loc: Georgia
There is nothing unusual here. Sometimes it takes 2 or 3 offers before one finally sticks. When it comes to short sales buyers often walk before the process can be completed. Other times potential buyers make low ball offers in the hopes of stealing something and all that does is tie up the home. Most agents don't want to ask their buyers to make offers on pending short sales. When ever a back up offer is requested that is a good indicator that the current offer is too low. Most lenders still expect a fair market value on a short sale property because it is still being maintained. Based on all of the questions you keep asking her I would be inclined to believe you aren't going to stick with this short sale either. You're worrying too much. Either sit back and relax and let the process take it's due course or pull the plug now and go find a home that is not a distressed sale.

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#423705 - 05/12/13 02:58 PM Re: House has been pending-pending backup offer several times...seems fishy! [Re: HomeTeamGA]
Dodger52 Offline
Member

Registered: 10/14/11
Posts: 266
Loc: Montana
In addition to what HometeamGA said, there is a good possibility that the bank has not approved any of the contracts. Getting the sellers signature is the easy part of the battle. The previous buyers may not have been willing to wait, or the bank may have said no.

If your offer is not substantially higher than the previous offers, its likely you are facing the same thing. You also seem to be dealing with a listing agent that is unclear on the concept, the contract is not accepted until all parties have signed and copies have been delivered, IF you have the winning bid but do not have a copy of the signed contract the house is not pending yet.

Good Luck!
_________________________
Dodger52 (Chris)
Prudential Montana Real Estate
www.MT-RE.net
www.facebook.com/MissionValleyMTHomes

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#423727 - 05/13/13 10:52 AM Re: House has been pending-pending backup offer several times...seems fishy! [Re: Mapper]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2208
Loc: Outer Banks
This information plus the seller's delay in signing your offer is a real good indicator of a seller who is just playing games. The seller has been collecting rent all this time and not paying the mortgage. What is their motivation to finalize a short sale? As long as they stall, they have money coming in.

I hope you have not stopped looking at houses.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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