Home Buying in 45102>Question Details

Gaigesmom627, Home Buyer in Amelia, OH

We are closing on a short sale on september 7th. The realtor is still showing it and taking offers.

Asked by Gaigesmom627, Amelia, OH Thu Aug 30, 2012

We have a signed contract from boa and finally have a set closing date. We are closing next friday and the listing agent is still showing the house and taking offers. She has not even listed the house as pending. Is this normal?

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it's no wonder why this place hasn't sold I was interested untill I read the bottom part ...looks like I will move on to the NEXT! Good luck selling this one sounds like a tangled mess.
0 votes Thank Flag Link Fri Feb 1, 2013
Here are exerpts from the addendum. This hould stop some of the confusion and incorrect advise from out of area agents.

1. NO BINDING CONTRACT: Seller and Buyer acknowledge that the Proposed Contract represents a “Short Sale”, meaning that the purchase price set forth in the Contract
is less than the amount(s) owed to certain third parties and is insufficient to discharge all debts and obligations secured by liens on the Real Estate. Buyer and Seller acknowledge
that a Short Sale requires the written approval of the Contract by certain third parties, such as a lender, lien claimant, or other party having an interest in the Real Estate, a list of
which is attached hereto by Seller (the “Third Parties”), and that by virtue of executing this Addendum, the Contract is hereby rendered a non-binding offer/proposed contract
(“Proposed Contract”) until such third-party approval is granted in accordance with Section 3 below. Any Earnest Money required under the Contract shall not be due and payable
until the Proposed Contract is accepted and becomes binding in accordance with Section 3 below. If any Earnest Money has already been deposited or paid by Buyer, said Earnest
Money shall be returned to Buyer upon the execution of this Addendum by Buyer and Seller.

6. SELLER'S RIGHT TO ACCEPT ADDITIONAL OFFERS: Buyer agrees that at any time prior to Buyer, Seller and the Third Parties reaching a written agreement as
provided in Section 3 above, Seller may (a) continue to market the Real Estate and advertise it through the MLS as available for sale, (b) accept additional offers for purchase of
the Real Estate, and (c) at Seller's option, forward any such additional offers to the Third Parties for review and approval.

7. RIGHT TO RESCIND PROPOSED CONTRACT: In consideration of the rights reserved by Seller under Section 6 above, Seller agrees that at any time prior to Buyer,
Seller and the Third Parties reaching a written agreement as provided in Section 3 above, Seller or Buyer may rescind the Proposed Contract for any reason, or for no reason, by
providing written notice of rescission to the other party.
0 votes Thank Flag Link Thu Aug 30, 2012
If you signed the CABR short sale addendum this is allowed and encouraged. If you signed that addendum did you read the part that says that they cancel the sale with you for any reason.
0 votes Thank Flag Link Thu Aug 30, 2012
Typically if there is a signed contract, most agents will change the status of their listing from active to pending. Otherwise, the agent will have to respond to phone calls and inquiries from other prospective buyers or their agents.
0 votes Thank Flag Link Thu Aug 30, 2012
Yes we have a signed contract by all parties and everything is good to go. She still has it listed as active.
0 votes Thank Flag Link Thu Aug 30, 2012
Hi Gaigesmom627,

No, it's not normal. If you have a signed contract - signed by all parties including the lender(s), and all contingencies have been removed in writing, then the property should be Pending. If all parties have NOT signed and/or all contingencies have NOT been removed in writing, then it could be Backup status in which case showings could be still occuring and accepting Backup offers could be taken. Have your Realtor contact the lisitng agent or their Broker to clarify.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Thu Aug 30, 2012
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