tinasweeney3…, Home Buyer in Marietta, GA

What does this mean?

Asked by tinasweeney312, Marietta, GA Sun Jan 13, 2013

Short sale. Binding Contract has been sent in to seller's lender for approval. No further offers will be considered at this time.
Is there an offer pending?

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David Zimmer…, , Marietta, GA
Mon Jan 14, 2013
Deeba has it right on the money. In short the, yes the house is under contract, but all parties are waiting until the bank approves the sales price which is lower than what is owed on the property. The bank can accept the deal, or reject it and tell them the lowest price they will take. At that point the buyer can either accept the higher price or walk from the deal. As Deeba mentioned a lot of times the process is so long that the buyer walks before they hear from the bank. For any other Short Sale questions, please contact me, I am a designated Short Sale and Foreclosure Resource.

David Zimmerman
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Keller Williams Realty Signature Partners
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Deeba Khader, Agent, Atlanta, GA
Sun Jan 13, 2013
This means that the homeowner(seller) has accepted an offer and now since it is a short sale the accepted offer will be submitted to the bank that holds their mortgage, for approval.The approval process can take 60-90days. So yes there is an offer pending approval, but a lot of times the buyer is not around when the approval comes throughso it might be a good idea to keep an eye on the property to see if it becomes open for offers again. Hope this helps.
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