A house we put an offer on just went pending show on the MLS overnight....we have yet to hear from our agent

Asked by Home Buyer, California Sun Jun 29, 2008

is it possible that we got it or do you think we would hear something back before the listing went pending? We were the only offer when we put the bid in on Thursday.

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Tina Evans, Agent, Cookeville, TN
Tue Jul 1, 2008
Ah! It's a bank owned property,,,okay, that says alot. If it's a short sale, you can expect to wait 45-60 days or longer for a response back from the investor. If it's bank owned, again, you may need to wait 30-60 days as well. Your realtor said that there are a lot of offers on this house which means that it will take the bank time to go through each offer and determine which they are going to choose to negotiate with. Such is the case with these type of homes. Don't throw the house out of contention, but I would keep looking. If you find another home you are interested in placing an offer on, discuss with your realtor about how to withdraw your current offer properly and without any consequences. Hope it works for you!

Tina Evans, Principal Broker
Web Reference:  http://tinaevans.net
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Home Buyer, Home Buyer, California
Mon Jun 30, 2008
Yes I did hear back from him. Though I didn't get any info other than the listing went pending just because they were a lot of offers on it. No word on the banks decision yet. I'm not very optimistic about it at this point.
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Tina Evans, Agent, Cookeville, TN
Mon Jun 30, 2008
I'm following up on your original question... have you heard from your realtor yet today regarding the offer put in on Thursday?
Tina Evans, Principal Broker
Web Reference:  http://tinaevans.net
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Pacita Dimac…, Agent, Oakland, CA
Sun Jun 29, 2008
Your situation doesn't sound promising. Since you submitted your offer Thursday, the seller's agent would have notified your agent if it was your offer that was submitted. And I would like to think that your agent would have immediately notified you. I find it odd that your agent wouldn't answer your calls, especially since you have an offer on a property.

You mentioned the bank....was this a short sale? If it is....you've got a chance. Even if the seller accepted another offer, it is the lender/bank who makes the final decision. As such, if your offer wasn't accepted by the seller, you can re-submit another offer, and make it your best and highest offer. The listing agent is DUTY-bound to present your offer, especially if it's better than the first one.

Do note, however, that if ANOTHER and BETTER offer is submitted after yours, the lender may override the seller's decision, and accept the offer that is financially the best for the lender.

Finally....if this is a short sale, it takes 45 days or longer, from the time that the seller accepts, before the lender accepts, rejects, or counter offers.

Good luck!
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Home Buyer, Home Buyer, California
Sun Jun 29, 2008
We have tried calling our realtor...he never answers his phone on the weekend so we'll probably hear back on Monday. I was just wondering if it was even possible to have a listing go pending without the buyer being informed. I suppose it is possible that another offer came in the the next day but the bank wouldn't have the time to respond I would think or would they?
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Tina Evans, Agent, Cookeville, TN
Sun Jun 29, 2008
Well, the obvious first question here is, have you contacted your realtor? If you are sure that you are the only offer on the home, then your agent needs to follow through with you. If you still have not heard from your agent, you can contact their broker and ask the broker to intervene. If you still do not have any idea if your offer was accepted, you can contact the listing agency directly. (As a P.S.,if you did not get the offer accepted on this house, you may want to consider interviewing other buyer agents to ensure that your needs are met completely).
Good question! Best of luck.
Tina Evans, Principal Broker
Web Reference:  http://tinaevans.net
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