Home Buying in 92119>Question Details

Rob, Home Buyer in San Diego, CA

A property that we azre interested in active on the MLS but listed as pending. Would it benefit us to?

Asked by Rob, San Diego, CA Mon Nov 24, 2008

contact the agent and see about making an offer in case the other offer does not go through or would it be a waste of time. Thanks, Rob

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Rob,

In my market we have "active contingent" or "AC" and then we have "pending" or "P." They mean two different things... the first one has contingencies that need to be met before closing; the second does not. If these same terms for status are used in your market and the listing agent is using "pending" correctly, chances are good the house is going to close. It is certainly worth a call to the listing agent to see if all contingencies for the transaction have been met. If they have you need to move on to another house.

I had a listing this spring that was AC for 45 days while the buyer's lender kept leading us all on that they were going to be able to make the loan. I had the buyer go to other lenders and couldn't get approved, so I knew it was a long shot to continue hanging on the line for this bank (broker actually) to come through. We were at our wits end when an agent called and said she had been watching the property. I asked her to PLEASE write a backup offer. She did, we negotiated, and accepted it. The extension on the closing date for the first buyer came and went a few days later, and we closed with the second buyer 20-some days after that.

So it happens. I'd make the call.

Stephanie Davis
Carolina One Real Estate
Serving Charleston, SC and surrounding areas
http://www.agentinthecreek.com
0 votes Thank Flag Link Mon Nov 24, 2008
Rob:In the past I encountered a situation similar to your's for one of my clients. Instead of submitting a back up offer, I monitored the transaction for the first 30 days. After 30 days I contacted the listing agent and asked for an update. After 45 days the original offer fell out of escrow and my client was able to successfully submit a new offer and obtain the place she truely had her heart set on. Closed in 28 days! Its' definately good advise to attempt to locate similar properties that you may like, but sometimes when the property you really want is, "the one" ,its hard to settle for something different. Good luck on your search.

Kenny Bonilla
Century21 Award Mission Valley
619.992.5174
Web Reference: http://kbsellingsd.com
0 votes Thank Flag Link Mon Nov 24, 2008
Rob:

In today's market, with loans changing daily, many homes that are pending one day are back to active the next. Your agent can put this property on their watch list and they will be notified the minute this happens, if it happens. And most listing agents are happy to take a backup offer, just in case.

It is a little surprising, with all the inventory on the market in the San Diego area, you cannot find a similar property that is not pending. If the area is particularly desireable and the available inventory is low or just not there, this may call for your agent to go beyond the common practice of just checking the MLS. Have your agent market specifically for you. They send letters to homeowners in the area you like and let them know that they have a ready, willing, and able buyer for their property. You might find a homeowner, who perhaps is struggling with their mortgage, or has been thinking about selling but heard that they should hold off and not compete with the current higher than normal inventory. They may welcome you as a buyer. Think outside the box and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Mon Nov 24, 2008
I don't see an address so I don't know how anyone could tell you that the sellers are not accepting backup offers.
Having a negotiated and executed backup offer certainly couldn't hurt provided you have an "escape" clause that let you out of the contract if you find anything else before your offer is put in the primary postion.
Whether you do it through the "listing" agent or another agent (solely representing you) is your decision. The difficulty in getting people financed today would be a further reason you would want to be in a backup situattion.
Good luck,
Jeff and Cheryl Fox
0 votes Thank Flag Link Mon Nov 24, 2008
Hi Rob, as a San Diego agent, I have a few options that may work if you’d like to email or call me with details… we can set up an alert to notify us immediately should the current transaction fall out of escrow; we can contact the agent to feel them out on the situation; and we can run a search of similar listings that are active in your area. Just let me know. 619.251.8803 or seth@sethchalnick.com
Web Reference: http://www.sethchalnick.com
0 votes Thank Flag Link Mon Nov 24, 2008
The contract is pending. They are not accepting back up offers. You can certainly ask your agent to find out if the sellers would accept a back up offer although that may not be in your best interest. I would ask my agent to watch for a similar property and notify me immediately when it becomes available because I would want to be the one getting the first offer in and closing quickly. You may prefer more complicated transactions and lengthy closings.
Web Reference: http://www.MariaSellsKC.com
0 votes Thank Flag Link Mon Nov 24, 2008
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