'Article 4.1-1C: Short Sale Listings
6. Third Party Approval. Contracts subject to approval by a court, lender or other third party must be reported as â€œPendingâ€ consistent with Article 4 Section 15 of these Rules.'
This rule reads very differently than some of the answers below. Now this may be different for different areas in Florida, I would not know why, but maybe.
So by the rules I have to live by, once the offer is made and accepted by seller, prior to bank approval,, the offer has to go pending. This would be, even with 3 party approval, a contact, contingent, but a contract exists.
I don't think I misread the rule, do I?
Take a look here for all Fort Myers MLS listings: http://ftmyershomesearch.com/fort-myers-mls
Good luck bro
If you would like assistance, I'd be happy to help.
Its a case per case situation. You have to work with a Realtor and he/she will tell you if its a multiple offer short sale or if the listing agent works only with one offer at a time and all others are considered back off offers. There are also cases where the selling price has been already been approved by the lender. As mention in our MLS it goes in 2 steps: first it becomes an Active Contigent Short Sale then it becomes Pending if it does.AS very well mentioned before hand in short sale and due to the time delay, the original offer may drop out of the race and you still have a chance to be the winning offer.
What I would do is in fact is keep away from multiple offer short sales unless you know excatly what you are doing with your Agent and work only with short sale where they work only with one offer at a time or if its an approved asking price. If its Pending as you asked then if you realy want it, do a back up offer, wait a month or so and see if its still pending and have your Realtor check with the listing Agent. For now if its Pending you would be only considered as a back up offer. Your Realtor has to call the Agent first.
Sandals Realty of SWFL
Are you working with an agent?? The best bet is to have your agent call the listing agent and get an update.They usually know if it is strong or if there may be a chance of falling out of contract. You could then put a back up offer on it. I have been very successful in many cases were my clients were back ups and the first buyer walked away. As they say, its never over till its over, and the property could fall out of contract. I would be happy to help you if you are not working with an agent.
Best of luck,
Our MLS here in Lee County has a field called "Active Contingent Short Sale". Once buyer and seller have executed the contract our rules require us to mark the property as Active Contingent Short Sale. Once the lender issues written approval of the short sale we are then required to mark it pending.
Terry McCarley, Re/Max Realty Team
Often times the bank wants to see multiple offers (they are looking for the best one). Usually the seller has to agree to accept multiple offers and submit them to the bank, this needs to be in writing. So, to answer your question, it depends on each property.
This can cause "confusion" to the bank and seller's know that, so often times they will make accept other offers, but hold them in a file as a back up offer, in case the deal falls apart. When they submit a new contract to the bank every week, it ends up making the short sale process stall out, because the bank thinks there is always another buyer around the corner (and this is not the cause - a lot of the buyers fizzle out).
I wouldn't waste your time on it; if you are really interested in the property, I'd go in as a back up offer and keep looking. I think that will be a better use of your time.
Here is a resource to view Fort Myers active short sale listings: http://www.greaterftmyers.com/fort-myers-short-sales.php
Good luck with your search!
That is such a good question. I would say that if the listing is Pending that it means that is is only awaiting closing. Pending means waiting for the close date.
It a listing is CTG or Contingent, then there are contract contingencies (for example: home inspection, mortgage approval, bank approval of the sale). So it means that it has a bilateral contract between the buyer and seller and is waiting for things to be done in order to close.
In any listing multiple offers depends on the Listing contract that the seller signed, or in some cases what the bank has stipulated that the conditions of the listing will be. That is where it is stated IF the property will have multiple offers or NOT.
So, if I were you, I would search for only A or active listings to have the best chance to get the property. In the listing you can see if there is a multiple offer situation or not.
Hope this helps make the alphabet of listings more clear for you.
Debbie Albert, PA
Coldwell Banker Residential
I'd advise you to start working with a realtor to help you with your transaction. They would be able to asnwer all your questions and steer you the right way.
We would be happy to represent you as a buyer. If you'd like our help, call us 239-206-4500
Faith Home Loans
You can, but some agents will hold it as a back up or send it to the bank. If you have a buyer's agent (recommended) they would analyze the short sale, let you know if it is something good to go after based on a conversation with the listing agent. I personally only let my buyers go in 1st position and with an agent that is only accepting 1 offer and sending to the bank. Please call me with any questions you might have. I also have an attorney that is available for in depth questions.
Scott Riddle, P.A.
Realtor Certified Short Sale Professional
Cell: (239) 289-1849
e-Fax: (239) 390-0027
Web: http://www.NaplesRealestateTeam.com & http://www.NaplesRealtorPros.com & http://www.NaplesRealEstatePros.com
Lenders are normally open to accepting additional offers. For a short sale, the easier the terms of the offer the better and cash is definitely king.
If I can help, please let me know.
If an offer has been submitted but the bank has not approved the offer yet, the listing should be marked active contingent short sale.
Depending on how the listing contract is written as well as how an offer to purchase is written will determine if multiple offers will be submitted to the bank on a short sale.
For a detailed explanation of the short sale process feel free to call me with any questions you have. I specialize in short sales and would be more than happy to assist you.
Terry McCarley, RealtorÂ®, CDPE, CPV