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Replies (2)
- Jim Paulson, "BoiseREbroker"
- Contributions:327
Great question! When a listing goes "pending" it is essentially already sold and just waiting to close. Sometimes these sales still fall through, so if you really liked that specific property, you can submit a "back up offer". Because the property already has an accepted offer, even offering $10k more wouldn't "bump" the first offer since they are already under contract.
This is quite different than a home with an accepted offer that is "contingent" on some other event (i.e. sale of a home, short sale, home inspection, etc.) In the Intermountain MLS, our rules and regulations require properties reported as "contingent" to include the "bump" clause so we know how many days/hours the first offer has to remove their contingencies or let the property be sold to the next acceptable buyer.
On this site, it may not reflect if the listing was a short sale or not. Many Realtor's have access to additional data that we can research to find out specifics details like that. I would be glad to research a specific property if you like or help find a replacement property.
On short sales, it is extremely important to understand the entire process not just the buyer side! For example, you should know if the seller's lender is motivated to accept a short sale or if they are better off just foreclosing and reselling the property. I always show my buyer clients listings of foreclosures to show them typically how many previous buyer's got their hopes up on short sales only to have them crushed as the property went to foreclosure.
If this helps, give me a "thumb's up". If it doesn't keep asking questions and I will try again. :)
This is quite different than a home with an accepted offer that is "contingent" on some other event (i.e. sale of a home, short sale, home inspection, etc.) In the Intermountain MLS, our rules and regulations require properties reported as "contingent" to include the "bump" clause so we know how many days/hours the first offer has to remove their contingencies or let the property be sold to the next acceptable buyer.
On this site, it may not reflect if the listing was a short sale or not. Many Realtor's have access to additional data that we can research to find out specifics details like that. I would be glad to research a specific property if you like or help find a replacement property.
On short sales, it is extremely important to understand the entire process not just the buyer side! For example, you should know if the seller's lender is motivated to accept a short sale or if they are better off just foreclosing and reselling the property. I always show my buyer clients listings of foreclosures to show them typically how many previous buyer's got their hopes up on short sales only to have them crushed as the property went to foreclosure.
If this helps, give me a "thumb's up". If it doesn't keep asking questions and I will try again. :)
- Craig Soelberg, "Craig Soelberg"
- Contributions:2
Hi!
Jim covered this pretty well. The only thing I would add is that on this site it does typically mean it was sold. "Pending Sale" does not necessarily mean it is a short sale by any means. If you are looking in the short sale market and research what it means to buy these properties. You can find good deals but it may mean a lot of frustration! Bank owned is usually a better bet for the bargain hunter.
Thanks!
Craig
Jim covered this pretty well. The only thing I would add is that on this site it does typically mean it was sold. "Pending Sale" does not necessarily mean it is a short sale by any means. If you are looking in the short sale market and research what it means to buy these properties. You can find good deals but it may mean a lot of frustration! Bank owned is usually a better bet for the bargain hunter.
Thanks!
Craig
Pending Sale and Listing Removed
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