Home Buying in Kansas City>Question Details

Alison, Home Buyer in Kansas City, MO

My husband and I have been waiting close to two months on a short sale home (we put in our offer on the 14th

Asked by Alison, Kansas City, MO Tue Jun 10, 2008

of April). We've gotten very shaky updates from the listing agent. Just today, I checked the listing of the house we want to buy on reeceandnichols.com and the status was changed to back-up. What exactly does that mean? That there is a back-up offer behind us? We were the best and highest offer they had gotten since the house went on the market in January.

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I have looked at many short sales and foreclosures in the Riss Lake, Nationals and tons in the Thousand Oaks subdivisions. I agree with the others here the term is usually used in the manor here as to referring “accepting backup offers”. Are you buying with a contingency on selling you’re old home? Most selling agents will seek back-up offers. The agent is just doing his job in representing his client “the seller”. I wouldn’t sweat it most agents won’t bust a contract in fear of a law suite.

I know you have your heart set on this house and I hope all goes well. But, if you don’t there are many vary nice homes in the 64152 area and the prices are falling fast. If you are looking for anything over $250k it’s a great time to be buying not much is selling in this price range.
0 votes Thank Flag Link Sun Jun 29, 2008
"Back Up" status means that the seller is accepting back up offers. The question is: do you have a contract? If your offer is the one the bank accepted with the contingency that they may accept other offers, you should have that in writing. If you don't have that in writing, you do not actually have a contract to purchase that house.
0 votes Thank Flag Link Sat Jun 28, 2008
Have you been waiting 17 weeks to close on a short sale? There is something more to the story here......
0 votes Thank Flag Link Fri Jun 27, 2008
We have been waiting for 17 weeks this past Tuesday (June 24th) I feel like the joke is on us. I feel your pain
0 votes Thank Flag Link Fri Jun 27, 2008
They are basically saying that they are looking for a back-up offer to your offer. Are they concerned about your ability to close? If you are just waiting for the bank and they anticipate a lengthy closing they may not see any downside to having other prospective buyers in the hopper in case you drop out. Let me know some more specifics and I would be glad to help you further.....good luck Alison!
0 votes Thank Flag Link Thu Jun 26, 2008
What does your agent say?
0 votes Thank Flag Link Wed Jun 11, 2008
In our area, we have started to see closings where the sellers thought they were a short sale, only to find, at the closing table that their mortgage lender had another piece of paper for them to sign. One that obligated them to pay the difference between the short sale and the remainder of their mortgage over the next XX number of years at XX interest. Don't sign, don't close. Don't close, get sued by the buyer. Don't close, go into foreclosure. Do sign, owe the bank for the next XX years. It's not pretty.
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Tue Jun 10, 2008
There may have been an addendum that the listing agent or bank required you to sign with your offer which laid out the procedure for offers on the short sale. These often give the bank more flexibility to take back up offers. Remember, the short sale means the bank is taking less for their mortgage than they are owed by the seller. So they are going to do everything they can to reduce the downside. With all of the foreclosurers and short sales, I imagine the banks are overwhelmed. I can also imagine that making a decision on how short to go is a difficult since many lenders have already lost a lot. However, If you are patient it will usually pay off. Good luck!
0 votes Thank Flag Link Tue Jun 10, 2008
Short sales....arghhhh!!!!! Your listing agent may be giving you shakey answers because that's what they are getting from the lender. I have had some short sales that have taken as long as 5 months to approve. I always take back up offers.....usually because the initial buyer walks before the lender approves the sale. Hang in there.....
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Tue Jun 10, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
welcome to the world of short sales and foreclosures where the banks do what they want when they want and ignore all the rules that the rest of us live by. They are only concerned with the best result for THEM. I have seen them sit on 8 good contracts that were over list price for 6 months, let the home go into foreclosure and then start the process all over again. A few banks are really concerned about getting the homes sold, the rest seem to be more concerned about following their procedures. Your agent is probably having a very difficult time getting any updates from the bank and is probably very very frustrated at this point since she (or he) is trying to find out information to pass to you and is getting gibberish that they then change every time she talks to them. All I can say is good luck. I know a few people who are doing well with short sales and have become experts at working them, but they are few and far between and they have lists of banks that they absolutely HATE to deal with.
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Tue Jun 10, 2008
Some agents automatically use "backup" on all their listings instead of going straight to pending. All backup means is that the seller has accepted a contract, but agents can still show the house to buyers and the seller will look at any backup offers submitted and can only accept one of the backup offers if your offer falls through. Typically an agent will choose to put the home on backup if they are not familiar with the lending company or they have reason to suspect the contract won't go through. As a buyer's agent myself, I typically won't show homes on backup status because they are only available for purchase if something goes wrong with the current contract and usually my buyers want to buy a house now...not some time in the unknown future. So no need to worry, the seller has to abide by the contract they already signed with you.
0 votes Thank Flag Link Tue Jun 10, 2008
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