I hope this makes sense........ We made an offer on a short sale property beginning of May. The bank Wells

Asked by Alicia, 91364 Thu Jun 18, 2009

Fargo has come back to the listing agent and has asked her to change the listing price to the approved short sale price. Wells Fargo said they are only looking at our offer however we noticed that again the MLS listing has changed to a Backup Offer status.... Does this mean that the bank Wells Fargo is looking for better offers or are they covering their tracks when they decide to open up escrow with my offer?

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Sara Mehrpouyan’s answer
Sara Mehrpou…, Agent, Los Angeles, CA
Wed Jan 12, 2011
Backup status means that they have an accepted offer from a buyer and that they will allow other offers to come in just in case the sale on current buyer's offer does not close for some reason.
0 votes
Dyanna, , California
Thu Jun 18, 2009
This is the agents decision not the banks. The agent wants to make sure that if you back out, there is another offer waiting. This is just for the contingency time period. As long as the agent is still in communication with you and you open escrow you should be fine. Congratulations!

0 votes
Tara Steinke, Agent, San Diego, CA
Fri Jun 19, 2009
Hi Alicia,

We are have a short sale listing on which we are working with Wells Fargo for approval. I can absolutely tell you that Wells Fargo has not asked the listing agent to take back ups. However, as several other people have stated below, it is common for the agent to keep the listing active and accept back up offers. However, they should clearly state somewhere in the confidential remarks (show only to agents, not buyers) that they have accepted an offer and it is pending lender approval. As the first buyer in, your offer was submitted to the bank with the seller's short sale package. As a courtesy, the listing agent should (it doesn't mean they always do) extend to you an opportunity to raise your offer if need be. If you are willing to increase your offer, have your agent make it clear that you would like an opportunity to do so.

I hope that adds something to what others have already said below.
Best of luck!

Tara Steinke
San Diego Real Estate Specialist
Residential Sales and Appraisal
Web Reference:  http://san-diego-condos.net
0 votes
Alicia, Home Buyer, 91364
Thu Jun 18, 2009
Thank you for all your advice...
0 votes
Tammy Moallem, Agent, Calabasas, CA
Thu Jun 18, 2009
Short pay can take a long time, sometimes buyers back out of escrow within their contingency period. As a listing agent it's always a good idea to accept back-up offers, in case the first one did not work out.
0 votes
Mission Viejo…, , Mission Viejo, CA
Thu Jun 18, 2009
The bank will sometimes tell the listing agent to take backup offers till you remove all contingencies. The banks know that things can go wrong and you can decide not to go though with the purchase. Good Luck with your new house!
0 votes
MAP1922, Other Pro, Newport, OR
Thu Jun 18, 2009
Why not ask the agent? The agent who made the changes should give you the reasons for the changes.
0 votes
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