Great question! Per our MLS rules and regulations this listing should be shown as Pending once the buyer and seller have an accepted contract. Just because the lien holder needs to approve the sale price and terms does not exempt the listing from being shown as Pending. If you could let me know the MLS # I could request a correction on that item. Please feel free to contact me directly via phone or email or text.
Georgina M. Hunter "Georgie" R(S) e-Pro SFR
Jim Sanders Realty Inc. Paia Maui HI 96779
cell: 808 283-0635
toll free fax 1-888-875-1918
"I want to help you reach your Real Estate goals."
The property should definitely be showing as Pending.
It is important for all to know that the Seller has an accepted offer on a shortsale property.
This should NOT however, deter other Buyers from placing a backup ofer; as we all know that many shortsales, do not come to fruition, and so often times backup offers end up closing.
Mark Morris R(S)
Important - Short Sale status update: At the last Board of Directors meeting, the handling of Short Sale status was revised. When an offer has been accepted "By the Seller" on a property in Short Sale, the status of the listing must be changed to Pending. It is no longer an option to leave it Active until Bank acceptance.
Mr. Mahmood, as I stated, if you would provide me with the MLS number or property address, I can see that the status is changed to Pending. We strive to have accurate information in our MLS.
I get frustrated with listing agents that do this as well. If I where the listing agent, I would place the listing on "pending cont. to show" The offer should be treated as if it where a "normal transaction". Even if the listing is on "pending" the seller can still recieve back up offers. (I get calls on my pending listings all the time!) For your best interest ,you should ask the listing agent how exactly they are handling this Short Sale deal. Just to make sure your time is not being wasted waiting for Bank Acceptance, You should be clear on whether your offer stays in that first position & have the listing agent clarify that any other offer that is being placed on this same property is beling placed in the "back up" position. Call me Crystal at (808) 298-3189 or Email me Crystal4Maui@gmail.com if you would like an experienced buyers agent to represent you. Mahalo and Best of Luck!
Our MLS Board requires this and then we can still display this property on the internet because the seller needs people to know this is not a for sure sale and will continue to take back up offers. In some cases Realtors will try to get mulitple offers.
Let me just add that it is also important know how the offer was written and how the short sale addendum was set up. Our short sale addendum allows for multiple offers to go to the bank. I have a way of writing my short sale offers so only one offer goes to the seller and the bank then back up offers can be submitted. All parties have to agree.
You can see this is something you need to sit down with your agent and ask them questions. If you are not happy with how your current offer is written you can ask that it be changed with an addendum. If you agent is not the listing agent then there is little your agent can do but to strengthen your offer. Good luck
In Honolulu, we would most likely change it to Active Continue to Show, if the home owner had accepted, but the bank had not. That signals that it is not going to close within 30 days, which is what we typically use for Pending. In any case, your agent needs to stay on top of it, or you need to keep in close contact with the listing agent to get available updates.
There are multiple reasons this could happen:
1. Awaiting appraisal from the bank
2, Awaiting BPO or computer appraisal
3. Awaiting short sale approval.
Here's an excellent similar question with details:
In the meantime, the agent wants to keep their options open. Typically in the agent's remarks on the listing (not visible to the public), the agent will update the status periodically, e.g. it will say "1 offer accepted, two backups in hand. Awaiting BPO."