I am trying to by a condo.The contract was signed,earnest check delvered , inspection done, but the property is still being showed.What gives?!!!?

Asked by Emis51, 60615 Sun Nov 15, 2009

This is the 2nd property that I bid on.The first I pulled out of. The listing still listed as 'under contract' for over three weeks after the pullout. This new property , on 2 listings says Foreclosser , but on the 3rd listing says Short Sale.

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Mike McCallum, Agent, Chicago, IL
Mon Nov 16, 2009
I wouldn't worry too much about it being shown. If you have a fully executed contract they can't sell it to someone else unless you can't get your financing in time. Focus on getting your loan commitment.
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Harold Arnold, , Chicago, IL
Mon Nov 16, 2009
Emis51, you did not say if the contract was signed by all parties, inclusive of the most important party for a foreclosed property, the BANK!! The Realtor Representative can continue to show the property until the Bank signs. If the bank representative has signed the contract and the bank is represented by a Realtor, I would have your realtor complain to the Chicago and Illinois Associations, because I believe that this is a possible violation. This is one reason, all parties need to have a realtor represent their interests!!

If you do not have a realtor, you need one and you can feel free to contact me via my website at anytime.

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Matt Bukovy, Mortgage Broker Or Lender, Chicago, IL
Mon Nov 16, 2009
To finish my previous email (I hit "answer" too soon) the listing agent for this condo may be looking for a cash buyer just in case your financing falls through.
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Matt Bukovy, Mortgage Broker Or Lender, Chicago, IL
Mon Nov 16, 2009

From a lending standpoint, there are a lot of things that can go wrong with condo financing that have nothing to do with you. The building itself could have problems. Even if you're putting 25% down, if there are problems with the Association's budget, or if a certain percentage of the association's members are delinquent on their monthly dues, or if a certain percentage of the building is non-residential, it will be very difficult if not impossible to secure financing.

For more information on condo financing, click on my profile and read my blog.

Good luck,

Matt Bukovy
Sr. Mortgage Consultant
Wintrust Mortgage
3317 W. Irving Park Rd.
Chicago, IL 60618
Cell 773-416-7107
Phone 773-654-2498
eFax 773-409-5558
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Matt Laricy, Agent, Chicago, IL
Sun Nov 15, 2009
A lot of companies that only deal with foreclosures are terrible companies. Even after there is a fully executed contract (as I am assuming you have) the listing company will continue to leave it as active. They are doing this just in case you pull out, they arent losing anything. They are not supposed to do this. I would have your agent contact them and express concern. It is usually after many phone calls and emails that the company will finally put it as CTG on the MLS.
Regarding your statement that 2 sheets say foreclosure and one says short sale. Well thats a tough call. Maybe the short sale sheet was old. You cant go from a foreclosure to a short sale. I would need more information, but it doesnt make sense. I would have your agent look into it.
I hope the deal goes smooth. Good luck!

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
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Sharon Curcio, , Portsmouth, NH
Sun Nov 15, 2009
I assume you have a real estate agent representing you that is experienced in working with forclosure/short sales. Having an experienced agent represent you is very important with these types of sale.

Forclosure and short sale properties are not considered under contract until all parties including the bank has signed the contract, most banks have their own contracts and addendums, then are shown as Pending in the MLS. Have you received a firm commitment for your mortgage yet? Has the property been appraised? Do you have a closing date scheduled? What did the contract say about continuing to show the property? Are you sure your offer was actually accepted?

In this real estate environment with buyers frequently walking away from contracts it is not unusual for sellers to continue showing their properties. Good luck with your purchase.
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Wayne Beals, Agent, Chicago, IL
Sun Nov 15, 2009

Cautious listing agents continue to show property, even after contract, to buyers who are willing to submit a backup offer. It's tough to say this is the case without more specific info. After your first transaction, the one you canceled, this shouldn't be a surprise. If your the listing agent, your responsibility is to the seller, and this means preserving the best advantage you can for the client. Back up offers add pressure to the existing contract, and give the seller a fall back position if necessary.

Agreed that it doesn't make sense for something to be foreclosed, then revert to a short sale. This is likely an error on the part of the listing agent.

Feel free to contact me with more detail if you'd like more input.

Wayne Beals
Keller Williams Chicago Consulting Group
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Sean Dawes, , Philadelphia, PA
Sun Nov 15, 2009
Have you spoken to the listing agent to see why it is still being shown?

Somtimes sellers will opt for this in case the contract falls through while buyers go through the inspection period.

Sean Dawes
Web Reference:  http://www.SeanDawes.com
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