Home Buying in Scottsdale>Question Details

Slipper, Home Buyer in Phoenix, AZ

Offr submit'ed on short sale. Days later removed fr MLS. Told it was a good enough offer. Sound odd?

Asked by Slipper, Phoenix, AZ Wed Mar 30, 2011

I might also add that property has scheduled for foreclosure in a couple of months, hence, reason why it might have been removed from MLS, rather than a good enough offer?

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11
Ummmm I hope your Realtor knows what he or she is doing. These guys handle a network specifically of Short Sale Specialists, you may want to consult with them: http://www.priorityshortsales.com
0 votes Thank Flag Link Fri Sep 9, 2011
Slipper,
Many things could have happended here. Odd things happen with short sales all the time.

1. homeowner always has the option of changing their minds even if an offer is on the table. The homeowners may have had the home removed form the MLS and are foreclosing.
2. The bank rejected the offer and said they are not interested in a short sale
3. homeowner removed the home from the market because they are patching things up with their lender.
4. another offer besides yours was accepted by the lender

My advice is to move on. This is a buyer's market. Don't get stuck on one home. There is plenty to look at out there, especially in Phoenix.
0 votes Thank Flag Link Tue Jun 7, 2011
Nothing surprises me anymore with short sales. Well not most everything. Each time an offer is accepted we go shoppe Walmart and celebrate.
0 votes Thank Flag Link Mon Jun 6, 2011
Slipper

If you are saying that they told you the listing was removed from MLS because your offer was good enough then this is not that odd. Most agents put it AWC / active with contingencies but they can put it pending...

It is to the sellers best interest not to remove it from the MLS as even though your offer may be good enough to possibly get the bank to approve it, this doesn't mean you won't walk before approval from the bank as it could take to long to be the short sale approval.

The property being scheduled for foreclosure in a couple of months doesn't mean anything. A very large number of short sales have a pending foreclosure coming...

You need to have your agent speak to the listing agent to clear up any confusion.

Brenda

Brenda & Ron Cunningham
602-980-3133

**Recognized in the Phoenix Business Journal as one of the Top 50 Agents in the Valley""
0 votes Thank Flag Link Wed Mar 30, 2011
Hi Slipper - it sounds like we are missing some pieces to the puzzle. Your agent should be asking a few more questions.
* is it temporarily off the market because so many offers came in & they accepted one?
* is it off the market because the seller is looking at other opportunities instead of a short sale?

You say offer is good enough? Most agents want to have a great offer to present to the bank & welcome back up offers. Will they allow for you to write a back up in case the first offer falls through?

It is very common to have the foreclosure date set for a couple of months (most sellers have missed several payments when they do a short sale). The sale will be pushed out if they are still working on the short sale by the time the date comes around. Many banks are able to respond to short sales in less than 3 months now.

hopefully your agent can ask a few more questions & get solid answers for you. If you need an agent feel free to contact me & I would love to help you!

Christine
602-750-0312
0 votes Thank Flag Link Wed Mar 30, 2011
I've seen agents that once they receive an offer that is acceptable to the seller, they change the listing to temporarily off market. One reason may be, if they change it to AWC (active with contingency) as required by our ARMLS rules, the property may still appear as active on many 3rd party websites.

I don't understand why an agent would just change it to Pending status instead.

Have you buyer's agent contact the listing agent to see whats going on and ask for a copy of the seller signed offer.

Best of luck!
Web Reference: http://www.jameswehner.com
0 votes Thank Flag Link Wed Mar 30, 2011
If the property is completely off the market, it could be for many reasons:
- The modification while being in foreclsoure is accepted.
- No short sale is accepted. Just remember, sometimes you make an offer on a short sale without knowing that the bank would even accept a short sale.
- Another offer is being considered.
Your agent should get a straight answer from the listing agent.

Sincerely,

Tooraj Bakhtiari
REMAX Excalibur
602-369-8259
0 votes Thank Flag Link Wed Mar 30, 2011
Each agent/client group can add, cancel or change status is several ways for many reasons.
We would have to have more info to search as to the specific incident & reason.
0 votes Thank Flag Link Wed Mar 30, 2011
Yes, that is odd that it was removed from the MLS rather than a simple change of status. Were you only verbally notified that it was accepted by the seller (to be forwarded to the bank for approval), or did you actually receive a signed copy of the contract back from the seller? Not legally valid unless signed by both parties. Given some of the shenanigans that can go on in the short sale realm, there is always the possibility that the seller has no intention of actually selling. Could be soliciting offers to effect a loan modification. It's an unfortunate happenstance, a supposed seller who is really not interested in selling, but it does occur on occasion.
0 votes Thank Flag Link Wed Mar 30, 2011
Slipper

Something does not sound right with this one. Do you have a buyers agent?

What is the address and we can dig a little deeper to get a better understanding for you.

Arizona Homes for Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Wed Mar 30, 2011
Not 100% sure if it was your offer or another. If I have a solid offer on a short sale that is signed my seller by MLS rules I have to change to AWC = Active with Contingency but it remains active. I've seen other agents change to TOM = Temporarily off market. I am of the mindset to collect back up offers as buyer walk. The foreclosure date can be pushed out so that is not a concern. Perhaps the good enough offer is a buyer of theirs so they know they'll stick with it. Many factors
Laura Myers
Keller Williams
0 votes Thank Flag Link Wed Mar 30, 2011
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