Short sale listing expired after offer submitted - what does that mean?

Asked by Ca_buyer, Los Angeles, CA Fri Feb 18, 2011

I put an offer in on a "bank-approved" short sale on January 20th. It was signed by the seller the next day. I'm not sure exactly when the short sale package was presented to the bank (BofA) - I think the listing agent needed to get an updated HUD-1 from the seller - but have confirmation that the package was with BofA as of February 9th. This is supposedly a HAFA sale.

The listing agent said to my agent earlier this week that she has been in touch with the negotiator and expects an approval "very soon".

The listing expired yesterday. What does that mean for me? Does my offer package now get automatically declined and the property move into foreclosure?

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5
Michael Emery, , Minneapolis, MN
Fri Feb 18, 2011
BEST ANSWER
It means that the listing contract between the seller and the listing agent has expired. It does not necessarily mean that a foreclosure has occurred or the redemption period has ended. At present you have an agreement with the seller with the contingency that the bank approve the sale.

Occasionally a listing will expire because the agent was unable to relist the property in a timely fashion. Often the listing will become active again within a day or two.

Have your agent call the listing agent to determine why the property has gone to expired.
1 vote
Harold Sharpe, Agent, LAKE HAVASU CITY, AZ
Sat Feb 19, 2011
HI Ca Buyer,
It can be a snag,...
it is easily fixed if all are working together.
on a HAFA short sale it is MANDATORY for the sale to be handled by a licensed professional and show a contract for that.
This means either the seller signs a new listing agreement, or the seller is uncooperative and if thats the case you have more problems than the listing agent having a current contract.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
California Department of Real Estate Broker License # 01312992
0 votes
Danny Tran, , Los Angeles County, CA
Sat Feb 19, 2011
Work with short sale, agent have to experience and knownledge of it. Sometime, banker take long time to respond, and long time to extention approval. If you really want the house be patient . If you need help please given me a call.


IRN REALTY
Danny Tr
DRE# 01763825
818-317-4698
Email: Tranpomona@yahoo.com
0 votes
Ca_buyer, Home Buyer, Los Angeles, CA
Fri Feb 18, 2011
Great, good to know. Thank you!
0 votes
Su Guerzon, , Lake County, IL
Fri Feb 18, 2011
I assume you are referencing the "listing" the seller has with their agent. If so, I am quite sure the agent will extend the listing agreement should it need to be. BOA will not hold up your package or decline it due to this.
0 votes
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