Should a short sale status be Pending? Should the Realtor be relisting?
Two part question. We're getting close to the six month mark on attempting to buy a short sale property. The seller agreed to our offer price months ago. Shouldn't the status of the property be shown as Pending at this point?
Secondly -
A quick search of some real estate websites, it appears that on at least one website, the sellers Realtor has relisted the property as of about a month ago. Doesn't this seem a bit unscrupulous? Is this a normal practice for a short sale that has had the sellers agree to the offer price?
Short Sales are very tricky. The bank cannot handle the valume of bad deals they are getting. My thought is,in the last 6 months the market has gone down in most of America, You may want to make a lower offer. These guys can help, get your Realtor to watch this and try to get it done in 20days http://www.youtube.com/watch?v=N0qOSDwejVY
The status of a short sale listing cannot be changed from active to pending until the lender/lien holder signs off on the deal, even if both seller and buyer have agreed to terms. Until that happens, the listing agent has an obligation to the seller to continue to market the property and solicit offers.
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