Why would a house be taken off the market before a contract was accepted?

Asked by Nancy, Waukegan, IL Wed Jun 10, 2009

I recently put an offer in for a home that's a "short sale". I was told it takes between 60 and 120 days to know if our offer was accepted. Two weeks after we sent the offer, I noticed the house was taken off the market and was informed the reason was because it had too many people interested in it at that point. This seems very suspicious to me especially since the house has been on the market since 2006. Should I be concerned at this point or is this something that usually happens?

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Gary Geer, Agent, Antioch, IL
Wed Jun 10, 2009
A short sale is sometimes how a seller tries to sell their home when they are facing difficulties. Possibly a foreclosure by their lender. This may have been the case. Sometimes properties are taken off the market just before the property is sold by the court then the property comes back on the market for sale after the lender acquires the property. Keep watching this property. You may see it back on the market soon.
1 vote
Balto, Home Buyer, 60020
Sat Jun 5, 2010
Well, Gary has a good point. It is a short sale, it seems. Based on all the evidence, it must be. I think it shall be back on the market soon, only because it is a short sale, so the person wanting to purchase it will take a long time, and eventually give up. Trust me, my father is trying for a short sale. We are tired of this apartment we live in. He is thinking about giving up, since the bank will not comply with us to see if it is apprised, so we can move in already.
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Agnes Gilcre…, , Corpus Christi, TX
Wed Jun 10, 2009
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The Michael…, Agent, Gurnee, IL
Wed Jun 10, 2009
It is a Sellers decision whether to take the home off the market while waiting for his lender to approve a short sale. He may have been told approval is likely, he may be tired and frustrated with the sale process and continued showings or any of a number of other possibilities. I don't think it is necessarily a reason to be concerned but I agree with the above; I wouldn't buy furniture yet.
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Gina Marsigl…, Agent, Plainfield, IN
Wed Jun 10, 2009
While this is not the way we do business I know some agents that do. ln this situation the agent is probably getting tired of fielding the all the calls and inquiries being generated by the home being on the market at such a reduced price. He also must also assume that the bank will accept one of the offers currently on the home. It is common that the banks take a long time to respond on short sales, especially if noone is calling to follow-up on the progress of the file, that by the time the bank approves the contract the buyer may have moved on to another property. Your offer may be up against other offers, or it may be the only one. The bank could accept it or decide it is still too low and counter it. The seller could be fed up with the whole process and not cooperating with the bank and it may still go on to foreclosure. In a nutshell. Don't go buy furniture for this home until you get final word from the bank that they are ready to close. Nothing is sure in these transactions until closing is over.
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