What does "contingent short sale" mean?

Asked by Sullyj, Troy, MO Fri Mar 5, 2010

It shows contingent short sale in the status. Does that mean that an offer has been placed or that the owner is trying to short sell and is contingent on the lender allowing and accepting the short sale? Thanks in advance for your help.

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Mike Turner, Agent, Boise, ID
Tue Nov 16, 2010
A contingent short sale, is basically a short sale with an offer submitted for lender approval. So you can expect to be in back up position at best if you make an offer on that home. Some times being in back up position on a short is a good place to be for real estate buyers. See my blog post and video on this issue. http://frontstreetbrokers.com/general/understanding-continge…
Mike Turner - Owner - Front Street Brokers, Luxury Home Sales and Investments located in Boise Idaho.
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Trisha Lee, Agent, Columbia, MO
Fri Mar 5, 2010
Sullyj -
I happen to be working a contingent short sale at the moment and it has been in the works for months. A full price offer without contingencies was written and you would think that would fast track the situation but it has not. This is all contingent on the bank accepting the offer and we've done everything that needs to be done up to this point. Now we just have to wait for the bank to respond. Short sales are good for the seller and for the buyer if everyone just has the patience to wait it out. You could still try to write an offer or back-up offer but that would be even slower and you probably won't get the property. I'd move on to another choice. Good luck.
Trisha Lee
REMAX Boone Realty, Columbia, MO
573-999-1000 TrishaLee@Remax.net
Web Reference:  http://www.TalkToTrisha.com
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Debra B Albe…, Agent, Port St Lucie, FL
Fri Mar 5, 2010
Hi Sully,

An offer was written for the property, signed by the seller and submitted to the bank. The lender must approve the sale for it to move forward. It is contingent. Many agents will take a back-up offer at this point, in case the first buyers want out and get out. Some agents submit multiple offers to the lender. You would need to have your agent talk to the listing agent and see where they are and try to find out if the offer is solid. And then go from there.
Hope this helps!
Debbie Albert
Coldwell Banker Residential
Port St. Lucie, Florida
Web Reference:  http://www.ronanddebbie.net
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Gail Driver, , 27948
Fri Mar 5, 2010
It means that an offer has been accepted by the seller of the property, but that the bank still needs to accept the offer (so the sale is contingent on the bank accepting the buyer's terms), which could take months in some cases. That's what makes working with short sales so very frustrating and difficult. Make sure you find an agent who has dealt with short sales in the past and can explain all the ins and outs to you and the most important thing, be patient. If you and your agent feel it's a great deal, try to stick it out and wait for the bank to make up their minds, it could be worth it in the long run. Good luck.
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