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what is "pending short sale" mean?

I want to offer 2 houses that i like.
but one of house says " pending short sale " and
other one says " pending inspection"
what is that mean? 
can i still offer that houses?
  • November 20 2013 - South End
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Answers (3)

TroyTate, first I'll point out that the answer to this question was wrong or at least incomplete, but I'm only going to answer your question since the other question is old.

The best way to expedite a short sale is to have a good short sale negotiator.  Unfortunately the seller usually picks the negotiator.

Banks don't necessarily delay because they want to get a better price.  They delay because they don't put enough people on the task.  The last I checked there were about 9 months of pending short sale properties in King County based on the amount they actually closed in March.  I've said they could hire attorneys to do this task at $300 an hour and they'd come out ahead after accounting for all the interest income they're losing doing the job poorly.
  • April 18
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Is there any way to expedite the short sale process or is the bank just holding out to see if they can sell the home at a higher prices?
  • April 18
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Pending means it is under contract with contingencies.  You also wrote a question about deeds in this forum.  If you do not understand the process you need to hire a buyers agent or an attorney to assist you.

A short sale does not mean is closes in a short time.  Quite the opposite.  The bank who holds the mortgage has to approve the sale and they control the process.  If you have no experience with short sales they can be frustrating and sometimes take months to close.
  • November 20 2013
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