Foreclosure in 30311>Question Details

Byrone Mayo,  in 30337

i saw a property for sale, and its still pending under contact is that a good sign that it will go back on the market pending sence nov 17th

Asked by Byrone Mayo, 30337 Sun Dec 11, 2011

so it also stated that it will propost close date will be jan 6 2012...so does this mean the house will be fully in foreclosure

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9
You could also hope that current buyer walks away and you are the lucky one to know first when it is put back on the market
0 votes Thank Flag Link Sun Dec 11, 2011
Pending means the home is under contract. i.e. A buyer has made an offer which the seller has accepted. They will close on 1.6.2012. Closing is when the documents transferring the property from the seller into the buyer's name are signed and money is exchanged.

There is nothing about foreclosure indicated.
0 votes Thank Flag Link Sun Dec 11, 2011
Byrone if you are really interested in this property you should consider placing a back-up offer as long as they do not have one already. Good luck
0 votes Thank Flag Link Sun Dec 11, 2011
Hi Byrone,
I'd have to say Adam's answer is great, send me the address of the home and I'll get an update on the status for you.
0 votes Thank Flag Link Sun Dec 11, 2011
Byrone,

The replies below are all correct, but I believe they did not answer your question. The term "closed" means the the sale will be final on that date, it has nothing to do with foreclosure.

To expand on the answers given below, you should ask your agent's advise on whether and how to submit a back up offer. There is a low probability that your back up offer will have a successful outcome for you, but you should rely on your agent's council in this matter.

Good luck in your home search!
0 votes Thank Flag Link Sun Dec 11, 2011
Byrone, the status that you see "Pending Under Contract" is a way of making others aware that contract terms have been agreed upon by the Buyer and Seller. They are in the process of fulfilling those terms, whether it is inspections, financing, appraisals, etc. The only way the property would come back on the market is if the terms of the contract were not or could not be fulfilled. I would say save that property to your favorites file and continue to watch it in case the terms of the contract were not fulfilled.

I hope this helped you and let me know if I can be a resource for you.
Cassandra P. Dennis, Realtor
http://www.metrobrokers.com/cassandra.dennis
0 votes Thank Flag Link Sun Dec 11, 2011
Pending indicates the home is under contract. The Proposed closing date is letting everyone know when the property is expected to close. In other words when the buyer of the property will become the owner.

This has nothing to do with foreclosure.
0 votes Thank Flag Link Sun Dec 11, 2011
And be aware that closing dates are a lot of times an estimated date, especially if you're dealing with a bank. I wouldn't bet on the deal collapsing if it goes past January 6th. While possible, it probably just means that some party (probably the bank) was a little slow and the closing date will then be extended.

Adam Morrison
404-981-7249
adamhanm@gmail.com
Web Reference: http://atlhomes.net
0 votes Thank Flag Link Sun Dec 11, 2011
By identifying a Proposed Closing Date of January 6, 2012, the Listing Agent is stating that a Buyer and the Seller have agreed to terms and the closing should take place on or about January 6th as long as whatever contingencies that may exist within the Agreement are met.
0 votes Thank Flag Link Sun Dec 11, 2011
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