what is pending offer in short sale?

Asked by Sonya, Happy Valley, OR Fri Sep 21, 2012

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Gary Geer’s answer
Gary Geer, Agent, Antioch, IL
Sat Sep 22, 2012
Pending usuall means that an offer has been recieved, but the deal has not closed yet. With a short sale it may be that the owners have accepted the offer but are waiting for their lender to approve the contract. Then again everyone may have accepted the offer and they are just waiting to close.
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Brenda Meyers, Agent, Portland, OR
Sat Sep 22, 2012
Short sale pending means that the sellers have accepted the offer and it has been sent to the lender/bank, but they have not approved it yet. Often it takes quite a while for them to do broker price opinions and appraisals of the property to agree or disagree with the price. Then they may accept or counter the offer that was signed by the sellers.
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xiao tang, Agent, portland, OR
Fri Sep 21, 2012
Xiao Tang Portland, OR Realtor

On RMLS say is "SSP" mean Short Sale Pending, the seller has accepted an offer and send the offer to seller's lender or lien holder to get approval, waiting to hear from the seller 's lender or lien holder to approval the offer or not. can not be close until all parties agree (buyer, seller, and seller's lender or/and lien holder)
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Linda Heinri…, Agent, Lake Oswego, OR
Fri Sep 21, 2012
Short Sale Pending (SSP) indicates the seller has accepted an offer, but the 3rd Party Lender has not yet provided approval of this offer. The transaction will not close/record until the 3rd Party approves the deal.
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Ron Thomas, Agent, Fresno, CA
Fri Sep 21, 2012
That would mean that they have an OFFER on the property:
It could be that they are in a CONTRACT, but that the Escrow has not Closed.
Or, it could mean that the OFFER has not been ACCEPTED yet.

It definitely means that the property is in Limbo; tied up for now.
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