Home Buying in Goleta>Question Details

Jana, Other/Just Looking in Goleta, CA

At what point is a CA short sale listed in MLS considered to be "pending"?

Asked by Jana, Goleta, CA Mon Aug 8, 2011

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Jon Perkins response below is absolutely correct. Once the property has an accepted offer by the seller it is "marked" pending in the MLS with a contingency on lenders approval, continue to market and show the property until that approval is made by lender. Lender can sometimes take several days for approval depending on their work load. Short sales require a lot of patience from both buyer and seller. The process can be grueling and long. However, beneficial to both parties in the end.
0 votes Thank Flag Link Wed Jan 30, 2013
When the Short Sale is approved by the Bank and the Buyer has agreed to all the terms and conditions.
0 votes Thank Flag Link Tue Aug 9, 2011
Once you have a PENDING designation, you are over the biggest hill:

I gather you have ACCEPTANCE from the Bank, (the Seller is really just a "rubber-stamp" in this).

Now, you should have a 45-60 day escrow and your odds of closing the deal are good.
Conrats!
0 votes Thank Flag Link Tue Aug 9, 2011
Jana:

I agree with Jon's answer. The truth of the matter is that the Short Sale Lenders are not parties to the contract; however, they do have to agree to accept the deficiency amount resulting from the agreement. Therefore, as soon as an offer has been accepted by the Seller the property is "Pending, subject to lender approvals". An agent may also have the option of placing the listing in a "Pending, show for backup offers" status as well.

Best, Steve
0 votes Thank Flag Link Tue Aug 9, 2011
Hi Jana-

In the Santa Barbara MLS we require agents to mark their listings "pending" once an offer is accepted by the seller. Yes, it is still contingent on the lender's acceptance, but a designation indicating that fact can be checked by the listing agent so the property still shows up in active property searches.

I hope this helps.

Best regards,

Jon

Jon Perkins
Village Properties
(805) 284-3660 direct
jon@theluxurycoast.com
0 votes Thank Flag Link Tue Aug 9, 2011
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