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Jim, Other/Just Looking in South Broad Street,...

In NJ should the listing agent change status of MLS if short sale package is under review by lender?Need facts

Asked by Jim, South Broad Street, Newark, NJ Sat Feb 28, 2009

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Diane Glander’s answer
Unfortunately, Monmouth County MLS does not have a status that would show that a short sale contract is being reviewed by the bank. Once the bank accepts the contract and it goes through attorney review the status can be put as under contract.
The short sale process may take several months for the bank to accept a contract. I'm going through one now where the original offer came in in December and the bank hasn't approved anything yet--3 offers later! I do let any agent who wants to show that we do have several offers that are under consideration by the bank. That's the only fair way to do business! NJ is a full disclosure state.
Hang in there, stay in touch with your agent.
Web Reference: http://www.dianeglander.com
1 vote Thank Flag Link Tue Mar 3, 2009
Hi Jim. I've had several short sales recently, and I understand your question. The basic answer is No. You do not change the status to Under Contract, until it is truly Under Contract. I've started securing pre-approval by the lending institution before I even have an offer received. This saves a significant amout of time by getting the back to just agree that the would be willing to accept a short sale in the first place. Good luck
0 votes Thank Flag Link Fri Apr 16, 2010
If you remove the "short sale" statement from the question as written you would be asking if a listing's status should be changed if there is an offer under consideration by a seller. The answer to that abbreviated question is no. An offer under consideration is just that...under consideration, and nothing more.
If you add back the "short sale" status, does it really change things? I think not. So, unless there is a written confirmation of acceptence of the offer by the lender, the status should still remain as active.

Wayne Smith
Weidel Realtors
wsmith@weidel.com
0 votes Thank Flag Link Wed Mar 4, 2009
Well in our area we use TRED which is the same as South Phila and surrounding areas. This is my personal comment all bank owned or short sales should be disclosed to all and not just for Agent viewing. It is impossable for any buyer in the market to tell the difference between the short sale and a non distressed seller.The agents in our area have a problem with that when listing these homes.Buyers are drawn in to these home which have very low selling prices for areas in which they are listed.I go the extra mile when working with a buyer I check the tax records and infor the buyer that they are in fact short sales, also disclose to the buyer what the agent wrote in the remaks portions as well. The remarks section is what the other agent wants only the agents to see. Trend does have an active with contract choice that we all should be using with short sales to let agents and buyers to know there is some type of offer on the home in question
0 votes Thank Flag Link Tue Mar 3, 2009
Jim,

I agree with the previoius posters. While some county MLS systems have a "pending" option, the Momounth/Ocean MLS does not.

It has been my experience that most listing agents have been upfront about the contracts (and/or the # of contracts) under review.

Francesca
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Sun Mar 1, 2009
It is only under contract after the bank has accepted your offer. However, the listing agent should be up front with other agents and clients with regard to the property and let them know that another offer is being reviewed by the bank.
0 votes Thank Flag Link Sat Feb 28, 2009
Hi Jim,
The only options in the Monmouth/Ocean MLS are Active, Under Contract and Sold. It would not be listed under contract until the lender approves the short sale.

Short sales can be long, stressful transactions because the banks usually take many weeks to months to review and approve short sales. It is also possible that after they review the package and offer they deny the short sale, you just don't know. Unfortunately the bank is in control of short sales, the best thing is for the real estate agents to follow-up often and be persistant.

Thanks,
Heather Daccurso
Weichert Realtors-Howell
626 Route 9 South
Freehold, NJ 07728
Phone: 732-577-0440
Cell: 732-580-5309
Email: heather@heatherdaccurso.com
0 votes Thank Flag Link Sat Feb 28, 2009
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