Home Buying in 95404>Question Details

courtney0420, Home Buyer in Santa Rosa, CA

what does contingent on a short sale mean?

Asked by courtney0420, Santa Rosa, CA Mon Feb 4, 2013

the realtor said 8 people have bid on the house & are not showing it anymore. I love this home so much but I guess there is nothing I can do about it.

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Answers

13
The owner can only accept one offer. The rest would have to be backups. Though the bank always have the final saty.
5 votes Thank Flag Link Fri Mar 8, 2013
Make sure you work with an qualified agent.
Flag Sun Jun 9, 2013
Good information.
Flag Sat May 25, 2013
Thank you informing me about short sales.
Flag Wed May 1, 2013
Thanks
Flag Wed Apr 24, 2013
Hi Courtney- contingent in our market means that the seller has accepted an offer from a buyer- most offers are contingent on inspections and loan and appraisal but a short sale is an additional contingent on bank approval. There are times when buyers get tired of waiting and the listing will come back on the market. Have your agent stay in touch with the listing agent- if you don't have an agent-- call me!
1 vote Thank Flag Link Mon Feb 4, 2013
Courtney, Did you ALSO make a bid? Did your Realtor ask to be put in "back-up" position? The reason I say this is that "Short-Sales" in Sonoma County STILL take an average of 5 months to close and many a buyer gets wooed away by either a quicker close "Equity Seller" or an REO. We have one short sale at the 5 month mark but due to our super heated marketplace, they can't TOUCH the deal of our Short-Sale due to inflating home prices.
So give that a shot. We've seen WAY too many deals fall out due to Buyers moving on.

And for the latest in Real Estate News tune in: The Real Estate Hour, Sundays, 9 to 10am, KSRO, 1350AM or streaming live on the net at KSRO.com
0 votes Thank Flag Link Mon Mar 18, 2013
that is true it would be in backup position although you have a ratified contract and an accepted offer when the seller signs, they can still market and submit other offers to the lender at least that's my understanding.
0 votes Thank Flag Link Fri Mar 8, 2013
In my area Santa Rosa we have 3 forms of contingency:

Contingent - Show: This listing has an accepted offer with contingencies which may include items like inspections, approvals, financing. The property is still available to be shown by other agents and the seller is accepting additional offers.

Contingent - Release: This listing has an accepted offer on it which contains a release clause in the sales contract (As an example, the buyer has 72 hours sell their home and release the contingency). The property is still available to be shown by other agents and the seller is accepting additional offers.

Contingent - No Show: This listing has an accepted offer with contingencies which may include items like inspections, approvals, financing. The listing agent is instructing buyer’s brokers not to show the property. The listing agent may or may not be accepting additional offers.

In any case your agent should call the listing agent to check the status.
0 votes Thank Flag Link Fri Mar 8, 2013
It means that its already in escrow. You want to look at properties that are active, which means the sellers have not already entered into a contract with a buyer.

Best,



Yarrow Kubrin, Realtor
Keller Williams Realty International, Santa Rosa West
Certified Luxury Home Marketing Specialist (CLHMS), Million Dollar Guild, Institute for Luxury Homes Marketing Member
Office phone: 707-206-4500
Mobile: 707-292-8400
Fax: 707-206-4600
Email: yarrow@yarrowkubrin.com
Website: http://www.yarrowkubrin.com
Website: http://www.yarrowkubrinluxury.com
http://www.linkedin.com/pub/yarrow-kubrin/6/159/72a
https://www.facebook.com/yarrowbayarearealestate
0 votes Thank Flag Link Wed Feb 13, 2013
If you don't have your own realtor but are just going to open houses and talking to agents there, you have missed the bus.! You need your own agent to send you homes as soon as they hit the MLS and you need to be ready with your pre-approval letter and prepared for a multiple offer bidding market! The good news for you, is that they will only accept one offer, and the buyers may not qualify or may change their minds. Find out from your agent if you can submit a backup offer. Best, Terry Bell, CPS Real Estate
Santa Rosa, CA
707-292-5712
TerryinSR@aol.com
http://www.TerrysHomes4sale.com
0 votes Thank Flag Link Tue Feb 12, 2013
It means that the seller accepted an offer and they are now waiting for the seller's lender to approve the short sale. You can always write a backup offer....you never know!
0 votes Thank Flag Link Mon Feb 4, 2013
If the agent is stating there is eight offers then the home is contingent for two reasons. From the buyers stand point they already have offers but nothing has gone through so the buyer's still have their contingencies in place until short sale approval and their seventeen day investigation time.
From a seller stand point they are contingent upon short sale approval. Which means even though they accept an offer from a buyer its still contingent upon the bank approving the short sale.
0 votes Thank Flag Link Mon Feb 4, 2013
Contingent means the home is already in escrow with another buyer. You can consider a back up offer, at best.
0 votes Thank Flag Link Mon Feb 4, 2013
Hi Courtney, short sales can definitely work, it just means a longer wait time to see if the sellers lien holder is willing to do the short sale and sell if for less than what is owed on the property. The market is currently very competitive as you saw with 8 offers on the house you were interested in. You need to have a pre-approval letter from a lender in hand unless you are paying all cash and be prepared to move quickly should you find something you like. Let me know if I can be of assistance to you. Sincerely, Jill Rake (jill.rake@winecountrygroup.com)
0 votes Thank Flag Link Mon Feb 4, 2013
It means the seller is trying to sell their home for less than they owe on their mortgage. They will need their current mortgage holder to agree to getting less money than they are owed. If they have 8 offers in hand, I would suggest moving on.
Good luck,
0 votes Thank Flag Link Mon Feb 4, 2013
Who's house is CONTINGENT?
Confusing.
Shortsales are hard enough, in the best of circumstances.
Next time; don't fall in love until you know it's yours.
0 votes Thank Flag Link Mon Feb 4, 2013
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