Home Buying in 95020>Question Details

Juney, Home Buyer in Gilroy, CA

I have had a pending offer on a property for two months and have been waiting for bank approval. It is a cash offer without contingencies. Why is the?

Asked by Juney, Gilroy, CA Thu Oct 8, 2009

listing agent starting to show the property and accept new offers now? They have told my agent all along that my offer was a good one.

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Answers

4
Hi Juney,
I am sorry to here this, but as Benito stated I would say between 60%-70% of offers on Short Sales back out or purchase another home so it appears the agent is backing himself up. Now if the home prices in the area you purchased have risen then the agent and the bank might want to create a multiple offer situation to drive the price up. I would have my agent contact the listing agent and find out 1. did the bank want to see more offers or is the agent just getting back up offers? 2. Is your offer the only one at the bank? 3. Do you have a signed contract from the seller? 4. Has the agent previously posted the listing as Pending? 5. Is he taking the other offers as back up or are they going to the bank also? After I found out what the score is about this you can best judge what to do next. One word of advice on Short Sales under no circumstances are you to STOP looking and writing offers on other homes too many times I have one thing or another happen to my buyers on Short Sales and the deal fall through and I end up with an upset buyer who fell in love with the home and now can't have it. Don't let this happen to you KEEP LOOKING and Don't fall in love with a home until it closes escrow.
Regards,
Allyson
408-705-6578
allyson@homesbyallyson.com
DRE# 01397256
1 vote Thank Flag Link Thu Oct 8, 2009
Is this a short sale? Unfortunately, the banks take their sweet time responding or moving forward on processing sales. They were supposed to speed up the process as a result of billions of dollars in fines with the feds and the State of California but many of them haven't taken the settlement seriously.

I wouldn't stop looking. Something better may come along before your current transaction ever gets approved. You're in the "cats' seat" with an all cash offer.


Debby Bright
Real Estate Broker
CA DRE #00957311
408.309.0777
0 votes Thank Flag Link Wed Jul 3, 2013
Have your agent follow up with the listing agent and find out the reasoning. Also have him/her find out if there is a notice of default and if so when it expires and if an auction date has been set. Our market is very competitve with low inventory right now and if you were the only offer, the agent may have received another one in the meantime, It should be in back up position though if the seller had accepted your offer in writing and the agent submitted it to the bank for short sale approval. Depending on the bank, it can take several weeks to a couple months to get approval since they are overloaded with paperwork and understaffed.
0 votes Thank Flag Link Wed Dec 30, 2009
The expirience is that firts offer get tired of watting and walk away.
Check with listing agent that new offers are back up offers.
Listing agent duty is to have a willing , pre approved and capabole buyer at Short Sale approval time.

Have you express a feeling of this is taking to long?
Patience.

Informational link.
0 votes Thank Flag Link Thu Oct 8, 2009
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