Home Buying in 95658>Question Details

Dawn Piche, Home Buyer in Southbridge, MA

WHAT DOES PENDING AB MEAN & CONTINGENT WITH A SHORT SALE? I MADE A FULL OFFER ON A SHORT SALE.

Asked by Dawn Piche, Southbridge, MA Wed May 6, 2009

Help the community by answering this question:

Answers

2
Were their multiple offers? Or was you the accepted offer and you are wanting to know why back up offers are being requested when you made a full listing price offer?
In The Placer county area once a short sale offer is accepted the next status change is short Sale contingent. Once the Seller's lender gives their approval to accept less than what the Seller owes on the loan and that is an agreeable price to you... THEN it will be changed to a Pending status. In California, the Seller is allowed to continue to feild offers for the home until they have the approval letter back from their seller, because very rarly does the first buyer hang in there long enough to complete the sale. And no one knows what the sellers lender is going to set the value of the house at until after the first offer opens dialog with the sellers lender. So the first listing price typically too low and the first buyer will be shocked to find that their full price offer is not enough to satisfy the short sale demands. Make sure that your offer price is realistic going in. The Agent your working with show have lots of experience in evaluating market values. Furthermore, the listing agent has a duty to the seller to field the best offer he can on the property, so if a higher offer comes in buyer #1 will have the first right of refusal to increase their offer and stay in contract or cancel and get their deposit back.

I personally have sold over 150 properties in the past 3 years..... short sales and Bank Owned. I know the Placer County area VERY well and can quickly determine property values. If your shoping in my area I would be happy to offer my expertise.

Kelly Bright
Bright Real Estate Team
Keller Williams Realty
916-532-2263
530-328-1908
"Do the Bright Thing inToday's Market!"
Web Reference: http://kellybright.net
0 votes Thank Flag Link Sat May 7, 2011
Dawn:

Pending AB means - pending (or escrow open) but accepting back offers. I am not 100% sure about Contingent with Short Sale, as we do not use that in California, however, I believe this means the seller has accepted an offer, submitted it to the short sale lender and it is now just waiting on the lender's agreement to take less than what is owed on the property as payment on the debt. Hope this helps and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
0 votes Thank Flag Link Wed May 6, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer