Foreclosure in Frazier Park>Question Details

Dan And Kathy…, Home Buyer in 91321

Is the listing agent obligated to keep the property listed while it's going through escrow?

Asked by Dan And Kathy Mehterian, 91321 Thu Jan 22, 2009

Thank you Steve. The other bid just went in the other day, and now the listing on this bank-owned home says, "No longer available." Also, the bank owned home is in horrible shape; it needs to be torn down to the sticks. Our back-up bid is cash, although lowball. Assuming the other bid needs a loan, which is more favorable? Thank you for your time; we read your testimonials on your web site; very impressive!

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Typically a property with an accepted offer will remain active in terms of showings and accepting offers until all of the contingencies in the contract are fulfilled.

This done as an attempt to minimize the damage, should the buyers not be able to fulfill the terms of the agreement.
0 votes Thank Flag Link Fri Jan 23, 2009
Typically, there is a "Pending" or "Pending Show for Back-ups" status ("Back-ups" = other offers). Have never seen a "No longer Available" status message (sounds like a non-MLS website), but your area is out of my MLS area.

Cash in and of itself does not necessarily make for a stronger offer, especially a self-proclaimed "lowball" offer. It's very hard to say which offer is more favorable since I'm not privy to all the details.

Thanks for commenting on my testimonials!

Best of Luck, SteveO
0 votes Thank Flag Link Thu Jan 22, 2009
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