Active: No seller accepted offers on the property.
Short Sale Pending: the short sale is not yet approved by the sellers bank. Seller has accepted one or more offers and is in the process of negotiating a short sale with their bank. Depending on the property and seller, backup offers are sometimes encouraged.
Pending: The sellers bank has approves the short sale and the buyer is working with their Realtor and lender to get the transaction closed.
Best of luck to you! :-)
Jesse Dill - Principal Broker
John L Scott Real Estate
RE/MAX Equity Group
it can get confusing with our new listing codes, but Wayne explained it perfectly. Its most likely a short sale that has an offer, but until the bank/creditors accept the reduced amount of the short sale, its technically not "pending". You might still be able to make a backup offer, depending how the seller wants to do it. Your agent can help you find out if they're taking backup offers. Just fyi, pending short sales are great ones to have a backup on, because they fall apart for many reasons and you could slide into first position if you hang on. Usually its because they take so long, and buyers think they can wait but often can't. Then as the backup offer, you have a chance to get it. If you don't have an experienced short sale agent, I would highly recommend you find someone that's sold them before. That helps you understand the process better and know how to react, but it also helps the transaction come together successfully, as they are not a normal transaction.
By the way, I've sold many short sale listings, in fact 2 closed in August. I would be happy to help if you need an experienced agent! Short sales can be filled with disappointment and frustration, but if you can hang in there, you may get a property for as much as 10-15% under market. Its not for everyone, though, and I'd be happy to discuss your goals with you, and let you know the pros and cons of buying a short sale.
Best to you,
RMLS recently added a new status for short sales: Short Sale Pending. Most likely this is what the various websites you are looking at are trying to capture but haven't been able to because the addition of the new status (SSP) is still too new.
What is likely the case is that this property has received an offer which the seller has accepted and sent to the bank for approval, but the bank has not given that approval yet. Technically the property is still on the market. Once the bank approves and accepts the buyer's offer, the property will go off market and be marked as "Pending."
I hope that helps! Feel free to call or email with additional questions.
Windermere Cronin & Caplan Realty Group, Inc.
Lake Oswego, OR