Home Buying in 45013>Question Details

Dawna, Home Buyer in Cincinnati, OH

Our agent told us yesterday they were no longer showing the house we are trying to buy because they finally

Asked by Dawna, Cincinnati, OH Fri Mar 13, 2009

accepted our bid. The house is not listed as a Sale Pending. Is it possible a house goes straight to closing without being listed as pending? This is a cash offer on a short sale.

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Dawna,

Have your agent contact the listing agent to find out why they have not changed the status to "pending." They should be able to provide a clear explanation.

Good luck
0 votes Thank Flag Link Fri Mar 13, 2009
The Listing Agent may be waiting for the signed copies of the short sale approval before putting it into Pending status. The listing will not show Closed until you've signed the paperwork and the deed has been recorded. Ask your agent for a copy of the paperwork signed by the bank for your records. Sometimes you can get a verbal approval while the signatures are slow to follow.
0 votes Thank Flag Link Fri Mar 13, 2009
It all depends on listing agreement. In most instances once a home has an executed contract home updated in MLS within a reasonable time, any other offer submitted would be considered as a back up offer.

Buyer and seller has performance clauses during entire time of sales contract thru closing therefore all parties have to follow those terms and conditions OR risk being sued.

Lynn911 ~ National Featured Realtor
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Mar 13, 2009
No. The home must go into contract before the bid is submitted to the bank for approval. Speak with your attorney, or someone that is familiar with short sales in order to help you understand this process. Good Luck! If you need anymore information, please feel free to call me @ the number below.

Carolyn Toscano
Prudential Douglas Elliman RE
Manhasset
(917) 939-6192 Cell
(516) 627-9207 Office
0 votes Thank Flag Link Fri Mar 13, 2009
Dawna,

It may take some time to get the contract back from the seller. At that point MLS rules require it be marked pending.

Thanks,
Patrick J. Canaan
Keller Williams Advisors
0 votes Thank Flag Link Fri Mar 13, 2009
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