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
NMLS # 6395
Financing Kentucky One Home at a Time
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!
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.