what does a short sale pending with contingencies mean..will sale go thru. and can another offer be presented?

Asked by Pamea Valanzola, Florida Mon Apr 1, 2013

looking at buying home

This question was asked from this property: http://www.trulia.com/property/3052285935-6066-Divot-Ct-Napl…

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Kathy Bogan…, , Naples, FL
Tue Apr 2, 2013
Very good answers below; call KathyBC if you want help 800-448-3411 ext 601...(4/2)
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Jeanne Feeni…, Agent, Basking Ridge, NJ
Tue Apr 2, 2013
Generally banks consider one offer at a time - and yes, short sales are many things, but short in duration they are not. The only way to understand what it means in relationship to this particular property and whether back up offers are being accepted is by having your agent speak directly to the listing agent.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes
Mary Horesco, Agent, Naples, FL
Tue Apr 2, 2013
Hi Pamela,
When a short sale, or any purchase is pending with contingencies, it generally indicates that an offer is under consideration by the lender, and is going through the sometime lengthy process of approval. It has to be approved by many parties, such as investors, accounting/audit, and so on.
It is up to the seller if they will entertain another offer should the first one fall through. That is called a back up offer. The seller still has possession of the property until closing.
I would welcome any other questions since I have sold short sales and foreclosures in Naples, and can assist you in an updated property search.

Mary Horesco
Downing-Frye Realty, Inc.
Web Reference:  http://www.maryhoresco.com
0 votes
Steven Moll…, Agent, Naples, FL
Mon Apr 1, 2013
Dear Pamea, If you need an agent to help you buy feel free to call our office.
Steve Moller
Vanderbilt Realtors
2355 Vanderbilt Beach Rd Ste 154
Naples, Fl 34109
0 votes
Peggy Wagner-…, Agent, Bonita Springs, FL
Mon Apr 1, 2013
If it is Pending with Contingencies, you could contact a Realtor to represent you to find out how solid the Pending offer is. Most realtors will share that information, or at least tell you if they will accept a Backup Offer. If I can help, please contact me directly.
0 votes
Bill Sontag, Agent, Naples, FL
Mon Apr 1, 2013
Hi Pamea,

A short sale means that the seller of the property is attempting to sell the property at a price that will not pay off the mortgage. The seller paid say $350,000 for the property with a mortgage of $280,000. He is attempting to sell the home for $230,000 so considering the closing costs, the seller will only be able to pay a part of the loan amount when the property closes. The seller is asking the bank to accept the proceeds of the sale as full payment and to forgive the rest. A short sale contingency means that the sale is contingent upon the lender approving the price and the hardship of the seller. This may take up to six months so pendings of this type will be shown for a long time on Trulia.

They have been trying to close this property for almost two years. Does not look like good choice for a back up offer.
0 votes
Nancy Linder, Agent, Port Charlotte, FL
Mon Apr 1, 2013
Hi Pamea,

Just like what was already stated, contingencies can be multiple things and until a home closes/sold another contract can be presented, if the seller is willing to consider any. The contract that the seller accepted has to be completed or the buyer back out before another contract can be accepted. A second contract is sometimes referred to as a "back up offer". One contingency not mentioned is "the Bank" has to accept the contract that was given to the seller in a Short Sale. A seller can accept a contract in a Short Sale, however it's really up to the bank if they are willing to accept less than what is owed on the mortgage. In the end, it is not the seller who decides if the contract will be accepted through Short Sale, but the Bank who makes the final call. The house was listed May 2011 and went "pending with contingencies" Sept. 26, 2012. In a usual contract, all contingencies are usually cleared up in 30 days or less. In a Short Sale situation, buyers usually make a clause that their contingency timeframes don't start until there is bank approval. This may be the case in why the property has been pending for so long. The mortgage holder was Countrywide, which Bank of America bought out. Bank of America can be (not always) slow on the end of processing with a Short Sale. I can reach out to the agent to see if the seller is accepting any back-ups if you would like.

Please call or email if you have any questions or want to talk about real estate in general.

Nancy Linder, REALTOR
Naples Realty Services, Inc.
4980 Tamiami Trail N., Ste. 200
Naples, FL 34103
Cell Phone: 314-616-2313 (Missouri phone number, but I live and work in Naples year-round)
Email: NancyLinder@NaplesRealtyServices.com
Website: http://www.NancyForNaplesHomes.com
Facebook: http://www.facebook.com/NancyForNaplesHomes
Twitter: http://www.twitter.com/NancyJLinder
0 votes
Kevin Rathbu…, Agent, Naples, FL
Mon Apr 1, 2013
Hello Pamea Valanzola,

Pending with Contingencies is the same regardless of condition of sale method. A Contingency is usually a satisfaction of Inspection or finance/mortgage. There are many other Contingencies as well.

Another offer can be presented but can not be agreed to as the property is under contract. The contract would in second position or third etc as the case may be.

Feel free to contact me directly if I may be of further assistance.

Kind Regards, Kevin

Kevin Rathburn, Realtor
239-269-4575 Direct Line

KevinRathburn.com Integrity-Diligence-Innovation
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