Home Buying in 92557>Question Details

johannacsun,  in Moreno Valley, CA

I recently place an offer on short sale approved property (the prior buyer fail through escrow). Soon my realtor told me my offer has got accepted

Asked by johannacsun, Moreno Valley, CA Thu May 24, 2012

and I notice the on line listing updated pending. It has been a week, I have not received any confirmation, counter offer, or addendum to sign. How is this sale pending without even opening escrow? How could I find out the lender is acceipting my offer not others? If they accepting my offer, what are we waiting now? How long I have to wait to open an escrow from this point?

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Hello Johannacsun,

Perhaps they are waiting for the previous escrow ro be canceled. If the home was in escrow and the buyer walked, that escrow will have to be officially canceled before they can open another escrow with you.

If you are worried, just call your agent. he/she is your advocate, and I am sure they are working in your best interest.

Best of Luck to You.

Kawain Payne, Realtor
0 votes Thank Flag Link Sat May 26, 2012
Not much more to be said. Communication is the answer for this. You must contact your agent and tell them of your concerns. Be firm. You deserve to know where you stand. Communication will be the key for a successful transaction, whether on this property or another.
0 votes Thank Flag Link Thu May 24, 2012
You should be having this conversation with your realtor, none of us know anything about the status of your transaction. The best way to get any transaction to the closing table is to work very closely with your agent, this is especially true in a short sale.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu May 24, 2012
Do you have a copy of the fully executed contract? You should. Please ask your agent for a copy of the fully executed contract.

Some agents do not open escrow until they receive short sale approval which can take 2-3 months. I do not agree with this philosophy and you are expressing exactly why.

By placing the property in pending status and opening escrow with the fully executed contract, the agent and seller are completing a firm handshake with the buyer.

If you have a copy of the fully executed contract, according to our local MLS (IVAOR) that seller cannot continue to accept anything other than Backup offers.

Please know your offer is contingent upon approval from the seller's lender(s). This is what the agent is working on now.

Best of luck! My properties (even short sales) are receiving 2-6 offers within the first 4 days. You are very lucky to have had your offer accepted!
0 votes Thank Flag Link Thu May 24, 2012
Sounds like you may have had your offer from the seller accepted.......the actual people living in the home. Now the sellers bank must officially accept the new buyer's (you) offer and replace your name on the purchase contract.

That can take time. 1-4 weeks usually. Once you execute the actual purchase contract documents from short selling lender, then you open escrow.

Are you using the .5% down payment FHA loan program? It's a great way to finance a home purchase because you only need .5% down payment and can use more of your own money in your bank account or use to buy furnishings for the home.

Rates are very low and we may even be able to give you a lender credit back of up to 1-2%.

Call me if you want more details. (951) 215-6119.
0 votes Thank Flag Link Thu May 24, 2012
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