i deal alot in Short sales. The term just went under contract means an offer has been signed off by both buyer and seller and now the bank has the offer that was agreed to. however, just because an offer was presented to the bank does not mean the bank will except that offer. In a short sale situation we bring offers to the bank, the bank then may take 1 month to 7 months to answer back. and when they do answer back bank may not take the offer we submitted they may want more money that the home was listed for
Garret, short sales are a long process and complicated. do you have an agent you are working with to talk to about this. each bank is different and each short sale could be different. if you are looking for this type of home. GET AN AGENT for it is important you know everything from the start.
If you do not have an agent then call me
Have a great morning
The Leventhal Team
To clarify, any buyer in this market walks in with the upper hand. I ALWAYS include language in my buyer's contracts that gives me first shot at any deal regardless of the backups... while I can't guarantee that another offer won't come in after mine, I can all but guarantee that the buyer who did all the work will get the first shot to know and meet price and terms, thereby eliminating the competing buyer.
Unless your house is so unique that there isn't possibly another house like it, I would counsel patience ... another will come on the market that fits (and exceeds) your needs. As always in real estate, it's just a matter of having the right agent at the right time.
Re/Max Alliance Group
Jim Soda 941-809-7759
My BLOG: http://sodasells.wordpress.com/
Prudential Palms Realty Web site: http://www.JimSoda.com
Sarasota-Lakewood Ranch-Siesta Key-Longboat Key
Immobel International Property Realtors
This means that the buyer and seller have come to terms. The offer is then submitted to the lender for approval. If you want to write a back up offer, then you should give your highest and best offer and have your agent present it to the seller. If accepted, your offer will then be sent to the lender and the lender will decide which offer to accept. Pending does not mean the lender has accepted the offer. If you submit an offer that is higher then the offer currently being reviewed, you may just have your offer accepted by the lender and you could be the one who closes on the property. All offers in front of a lender are judged by it's favorability. Amount, Is it cash, how much is down, and or etc. make a good offer and you may have a great chance of getting this house.
Teresa M. Fellows
Waterside Realty LLC