Amy, Home Buyer in West Palm Beach, FL

what is the next step after pending?

Asked by Amy, West Palm Beach, FL Sat May 24, 2008

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12
Pending means that a contract is in the works and or has been signed ready to close.
0 votes Thank Flag Link Fri Jun 27, 2008
Hi Amy,

Still waiting? Sorry to hear. I got a short sale for a buyer done and closed in 60 days, but that was by me calling the bank myself, almost daily...but I got more flies with honey.

I have heard of others waiting 4-6 months for a response. It should not take that long. Banks KNOW their bottom line. Yes they are busy, and perhaps overwhelmed, but they are not willing to hire, or take the time to train more employees to help them lose money. They could be waiting for a better offer with better conditions to come in. Has the seller met all the requirements of the bank?

Has your agent been in touch with the Sellers realtor, or perhaps the bank herself?

I am working with a buyer now, who gave up on his short sale with another realtor after 60 days for lack of communication and we just submitted another offer yesterday elsewhere. Good Luck to you! Let me know how you make out. Remember, Patience is a virtue.........if you really want the house.
0 votes Thank Flag Link Sun Jun 1, 2008
How long to approve a short sale? Typically from 1 to 6 weeks. Most lenders will say 4-6. However, if the status is Pending, you really should have received an explanation from the listing agent or a status update - for example, has the lender ordered any appraisals or BPOs (broker price opinions) and have the received them back, and if so are they OK with the sales price? A low sales price or a determination that the seller is an investor, or not in a true "hardship" position, can lead to lender rejection of the short sale request. It's only fair for the sellers to keep you and your agent fully apprised of the current status.
0 votes Thank Flag Link Sun Jun 1, 2008
Additonal question:
How long does it take for the seller's lender to approve the short sale?
Thanx Amy
0 votes Thank Flag Link Sun Jun 1, 2008
When a property is "contingent" it is under a situation that must be met in order to get to a "pending" status, as described bellow waiting for an inspection, loan approval....

When a property is under " pending" status it is usually just waiting to be closed, after meeting all the other "contingencies".

Not all the brokerages follow these rules by my description. The Realtor's Association of the Palm Beaches or the Multiple Listing (MLS) would be a reliable source to answer that question for you.
Web Reference: http://www.karinaleal.com
0 votes Thank Flag Link Sun May 25, 2008
Traditionally

Formal loan application if not already done (Buyer)
Home Inspection (Buyer's choice)

After a satisfactory home inspection

Appraisal (lender)
WDO (Termite Inspection) (Listing or selling agent)
Survey (Closing agent)
Final walk through (Buyer)
Closing
Web Reference: http://www.cathysloan.com
0 votes Thank Flag Link Sat May 24, 2008
Amy, terminologies and practices can be different in different parts of the country.

In the local West Palm Beach market, "pending" typically, and according to the MLS rules, means that the "major" contingencies have been removed. For example, inspection, mortgage approval, and any other special conditions noted in the contract have been completed and accepted by the buyer. Usually all that remains is the closing, and leading up to that, some routine title work, buyer's survey, and final loan processing. And a lot of packing and notifying in preparation for a move.

We have a separate status "contingent" meaning the property is under contract for purchase, but subject to contingencies such as financing, inspection, etc.

Not knowing the nature of your contract or any special clauses regarding the short sale, you should check with your agent and/or an attorney. It's important for your agent to be in touch with the buyers and their agent and they should provide you with the status of that lender's approval. If you're getting stonewalled, have your agent contact the listing "broker of record", or seek legal advice.
0 votes Thank Flag Link Sat May 24, 2008
It should go pending once offer is accepted by sellers, eventhough sellers lender has not approved. The active status should only be for properties that don't have accepted offers and that are available for showings.
0 votes Thank Flag Link Sat May 24, 2008
Herman Chang, Real Estate Pro in Palm Beach Gardens, FL
MVP'08
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Amy,
If I follow this correctly....it could be possible that another buyer may be involved. I would definitely check this out ASAP.

Good luck
0 votes Thank Flag Link Sat May 24, 2008
Addition to my posting:

This is a short sale. I have already completed the inspections a couple of weeks ago. The sellers broker just changed it to "pending" this week. But, We haven't heard back that the sellers lender approved it.

Is this normal for the sellers broker to place "pending" if we haven't heard back from the sellers lender?

Thank you
Amy
0 votes Thank Flag Link Sat May 24, 2008
Hi Amy,

Your realtor should help you to find a qualified inspector to do a complete home inspection. You and your agent should both attend and get all the facts. Your realtor should negotiate any outstanding issues and necessary repairs should be comleted, be sure to get a termite inspection too. Next is the appraisal. Your bank will set this up. The home should appraise in value for the bank to give the final word on the approval...of course underwriting is the final approval. Title searches need to be completed as well. Once everything is clear, then it is on to the closing table! Good Luck in your new home!
0 votes Thank Flag Link Sat May 24, 2008
then you,your atty,and your agent,and the seller meet somewhere and close on the property.
0 votes Thank Flag Link Sat May 24, 2008
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