As you have been told, the house is a short sale, has an accepted offer and waiting for bank approval. The whole process can take 3 to 6 months and sometimes the buyer drops out. That is why they take back-up offers.
The real estate market is going up in Carlsbad and surrounding areas. There is little inventory and high demand, especially in the price range of $400 - $600. If you are interested in the area and that price range, you really need a Realtor to represent you and be aggressive in searching for a home.
Additionally, you will need to be preapproved for a loan. the market is so competitive now, sellers are demanding that all non-cash offers include a preapproval.
I can help you with all the above mentioned issues. It would be best to talk on the phone to further understand your needs and timeframe. I can be reached at 760-687-5836 or lizlayman@KW.com, or llaymanRE@gmail.com.
In San Diego, the home shows up Contingent (which is the same as "Pending" or "Back-Up" in other surrounding Markets). This happens anytime a home has an accepted offer on it, whether it's a short-sale or standard sale. The Standard Sale process is taking an average of 36 days before they show up as Sold or Closed Sales. The Short-Sales, which this a Short-Sale, can take anywhere from 60 days up to 6 months before getting the Approval Terms back from the myriad of potential lien holders on any given property... Once there is an approval, & the terms are acceptable to all parties involved, then then the file can move into the "actual" escrow process that takes an additional 36 days (on avg) to close... This is not exact & is very much the Readers Digest version of the process. If you would like more details on who/what/where/when/why & how it all works - contact me directly.
The fact is that these are tougher than ever because the Market is moving so fast that unless there's updated date (BPO's etc) every 2-3 weeks, the numbers of what the bank(s) will actually settle on continue to change.
Jimmy Reed, GRI
Coldwell Banker Beachside
â€œTrusted Names in Real Estateâ€
Primary: (858)218-4127 ~ License #01263988
Serving ALL your Real Estate needs!
Specializing in Residential, Bank Owned, REOâ€™s,
Trust Sales, Probate Sales, Corporate Relocation,
Investment Properties, 1031 Exchanges,
New Construction & Short-Sales
This home is a short sale and an offer has already been accepted. Now the sellers are working with their lender to obtain approval for the sale.
The seller is *not* accepting any more offers on this home as it has already received multiple offers.
If you've begun searching for a home, you may have noticed that the real estate market has become very active, with multiple buyers competing for the good homes. To be successful in your home search, you'll need a local, informed, and persistant agent on your side to help you scout out properties and make a winning bid.
I'd love to meet with you to have a thorough evaluation of your housing needs and formulate a plan for getting you into a home you love. Please do call me and we can set up a time to meet.
All the best,
Real Living Lifestyles, CA DRE #01435354
300 Carlsbad Village Drive, Suite 224
Carlsbad, CA 92008
Call or text me at: 760-845-4365
This home is contingent, meaning there is an accepted offer in on it, and they are waiting for bank approval. Although you can see by the listing agent's response that they are accepting back up offers. I would be happy to work with you and find you some similar available homes. We can talk about the steps in the buying process and I can send you some active inventory that matches what you are looking for.
Real Estate Broker/ RealtorÂ®
McAllister Homes Real Estate
Residential Sales & Property Management