Home Buying in Madison>Question Details

Lisaenderby, Home Buyer in Madison, WI

what does offer show mean on a forclusure?

Asked by Lisaenderby, Madison, WI Wed Nov 6, 2013

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The part of the question about an accepted offer has been explained. It sounds like you could do with a primer on the types of so called "foreclosure" properties. I will direct you to a site which explains in simple terms.

I do hope this is helpful.
0 votes Thank Flag Link Thu Nov 7, 2013
Hi Lisa,
"Offer-Show" on any listing (including a foreclosure) means that the seller has accepted an offer from a buyer but is continuing to show the property to other buyers until the seller is confident the accepted offer will close. If you look at a property that is an "offer-show" you can still put in an offer and the seller can accepted it as a "secondary" offer in case the first buyer backs out for any reason.

Please feel free to give me a call if you'd like to take a look at some properties in the Madison area.

Thanks,
Lori Morrissey
Real Estate Broker
HouseReward.com
Lori@HouseReward.com
608.3891.4804
0 votes Thank Flag Link Thu Nov 7, 2013
It means that the home already has an offer but they are still showing the home. The are probably still showing the home in the event the current offer/contract falls through.
0 votes Thank Flag Link Thu Nov 7, 2013
You may see this with any type of listing when an offer has been accepted but there may be a home inspection or mortgage contingency, If you made an offer you would be a back up if the first offer gets released
0 votes Thank Flag Link Thu Nov 7, 2013
Hello,

"Offer Show" means that the home has an accepted offer but an agent can still show it. In most cases the current offer will go to close but on occasion an offer will not stay together and there may be an opportunity to purchase the home.

Donna
0 votes Thank Flag Link Thu Nov 7, 2013
Hi,

Simply put, offer-show means that the Seller (or the bank in this scenario) has accepted an offer that a Buyer has submitted but is still allowing other Buyer's agents/Buyers to show or view the property. The offer that has been accepted is the PRIMARY offer once it has been accepted.

You are probably wondering why the Seller would continue to show the property if it has an accepted offer?

Occasionally, and a bit more common with distressed type properties (foreclosures, short sales), accepted offers will fall through and the transaction will not close. These transactions won't close sometimes for a variety of different reasons (Buyer can't get financing, complications with the bank with the foreclosed property or short sale, inspection goes bad, etc.). In order to try and protect against the chance that the PRIMARY offer may fall through the listing real estate agent will change the status of the property from "Active" to "Offer-Show". This status change represents to Buyer's agents/Buyers that there is an accepted PRIMARY offer in place while at the same time encouraging other Buyer's agents/Buyers to view the property and submit a SECONDARY offer behind the PRIMARY offer that has already been accepted. If the PRIMARY offer falls through the SECONDARY offer would then get elevated to PRIMARY position and that Buyer would then have the opportunity to try and purchase/close on the property.

So basically, the "offer show" status is a tool that the Seller will use to continue marketing the property even thought there is an accepted offer on the property. The idea is that if the original Buyer can't perform or the deal falls apart the Seller will have a SECONDARY Buyer/other interested party to fall back on.

Hope this helps! Feel free to call or email me anytime with any other questions!

Best,

Luke

Luke Lestikow

First Weber
608-215-0028 cell
lestikowl@firstweber.com
429 Gammon Place
Madison, WI 53719
0 votes Thank Flag Link Wed Nov 6, 2013
It means that an offer has been made and accepted The owners of the property are looking to get other offers so, If the first offer should fall apart for any reason, maybe some else can buy the property. If you feel like waiting for a month or two before looking for a home you can actually buy, by all means, make a back up offer Maybe you will get the house. More likely scenario, you waste 2 months , rates go up, prices go up, and you settle for whatever's available when you are seriously in Need of a place to move to. I recommend getting an experienced agent to represent you and help you with the whole process and have the Seller Pay their fee on your behalf. One of the reasons there is an Offer-show status so that buyers looking on other websites will just see Active as a status and call the agent to buy the home and then get switched to something that's actually available Good Luck
0 votes Thank Flag Link Wed Nov 6, 2013
Offer-Show on any listing, not just foreclosures, means that the seller has accepted an offer but they are still willing to show the property to perspective buyers and are wiling to entertain offers from more buyers into a secondary position in the event something would fall through with the primary offer they already have. It can be frustrating for consumers however as often the offer-show status is used to keep listings out on the public websites for prospecting purposes even when the offer that is accepted is very solid. Hope this helps.
0 votes Thank Flag Link Wed Nov 6, 2013
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