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What Does Pending Continue To Show Mean : Foreclosure : Nationwide Real Estate Advice

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Showing results for What Does Pending Continue To Show Mean [Clear search]
Fri Feb 18, 2011
Bill Eckler answered:
A possibility could be, "under contract"
0 votes 5 answers Share Flag
Mon Feb 4, 2013
Charita King - Short Sale Specialist answered:
Are you currently working with an agent to negotiate a short sale, if so, you can ask your agent to request an extension. If you are trying to modify, ask your attorney to postpone....or you call the bank and ask for extension. If you are not doing any negotiation, then your property will go to auction.

Charita King
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0 votes 24 answers Share Flag
Thu May 20, 2010
Frederica Barney answered:
New legislation came out about two months ago. visit http://mcleanhomereview.com/?s=tenants&x=14&y=8 to read the entire article.
0 votes 26 answers Share Flag
Fri Oct 23, 2009
Marsha Bowen Washington answered:
Greeting Mr. Lutz,

It's likely the bank will delay the foreclosure if your contract is being considered but some financial institutions do not always disclose this information directly. Your agent can get the best answer directly from the seller's agent via the seller's attorney who is handling the contract of sale.

I currently reside in Morris county. I'm not sure which town you are purchasing your home in so best of luck to you.

Regards,


Marsha B. Washington
Coldwell Banker Residential Brokerage
2 E. Mt. Pleasant Avenue
Livingston, NJ
marsha.bowenwashington@cbmoves.com
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0 votes 16 answers Share Flag
Sun May 31, 2009
Mark Burns answered:
Their are several pending statuses on the MLS. PR, or pending release, most commonly means the sale is contingent on the sale of the buyer's home. Agents and sellers can put a release clause in a contract for any contingency but it usually means the buyer needs to sell their home before they complete the transaction.

The timeframe for a release clause is usually 72 hours. This means when an accepted backup offer comes in, the buyer is required to remove the contingency within 72 hours or the contract is void.

PS means pending sale but continue to show. This is the usual status right after a contract is accepted but the buyer has contingencies to satisfy such as inspections and financing.

PN means pending sale do not show. This is getting closer to closing and the buyer has most likely removed all of their contingencies.

Agents use the rules I have just described as guidelines. Occasionally a home goes directly from active to pending do not show. Occasionally, a home may have a release clause right up until the house closes escrow.

Your agent should consult with the listing agent of the home you are interested in and find out if there will be a possibility of you writing a 'backup' contract. If the listing agent feels the current transaction has a chance of falling apart, you may want to be the first in line without it going back on the market and being open to anyone else who may be interested.

Backup contracts are not common and may prevent you from purchasing the next home that comes up. You'll need a release from the backup before you can buy another home or you could end up buying two properties. A good agent is going to be able to counsel you on all of these issues.

Short answer: Skip the pending do not show properties. They're gone. The pending continue to show properties are probably gone too. Your agent should know how to handle all of this and advise you where to concentrate your efforts in finding a home.

Mark Burns
Coldwell Banker Premier
Cupertino and Silicon Valley
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0 votes 1 answer Share Flag
Fri Jan 16, 2009
Ralph Windschuh answered:
The property management firm works for the landlord and will continue to collect rent and evict those tenants that do not. Whatever legal issues are between the bank and the landlord are not the concern of the tenant. Depending on your state's laws, your lease (if you have one) may be transferable to the new owner/landlord so I would suggest you keep paying. You should consult an attorney. If you don't, you may leave yourself open for problems. ... more
0 votes 24 answers Share Flag
Fri Sep 26, 2008
Brittany Simonelli answered:
Ethically, the agent has to act on behalf of his seller and their instructions. If the seller has told the agent to stop accepting offers and to not show the property, then they have to follow the sellers instructions. ... more
0 votes 7 answers Share Flag
Sat Sep 13, 2008
Diane Wheatley answered:
A short sale is a home that has not gone to foreclosure sale yet and the listing agent and seller are working with the lender on reducing the payoff necessary to satisfy the loan or deed of trust recorded against the property. This can be a time consuming process and many times buyers are not willing to wait or they have found another home that suits their needs better in the meanwhile.

An REO (real estate owned) is a home that is owned by a bank or lending institution. This is a home that has already went to foreclosure sale and is now managed by the bank with an agent of their choosing to sell the property. These properties are typically priced very well because the homes are not inspected by the banks (usually) and sold in the current as-is condition with no warranties. What you see is what you get and if you don't like something about the home there are buyers in line behind you ready to present their offer.

You still need to be patient during the escrow period because the banks have their own tier of approvals that need to reviewed before it is finally ready for escrow to close and title to transfer but it averages anywhere between 45-60 days. Sometimes though you may be surprised and find a home that for whatever reason needs to close ASAP!

Bottom line is that both scenarios can be very good opportunities for buyers who are cognizant of the whole process, willing to wait and won't become distressed to the point of cancelling as they see their future dream home continue its demise in appearance and luster due to neglect and lack of maintenance. It really is worth the wait. Hope that helps a little and good luck to you.

Diane Wheatley, Broker
(909) 981-5589
... more
0 votes 8 answers Share Flag
Sun Jan 16, 2011
RN answered:
Liz,
Your attorney MAY be able to delay things, but I am in no position to guarantee you anything--- it's likely your attorney cannot guarantee any of those things to happen either. But certainly, I think hiring an attorney is a smart move in this situation. Whatever you do, try to show good faith; return the bank's phone calls and letters, even if it is to say "I can't pay right now" or whatever. Silence on your end will be construed as non-cooperation.
The bank is the one taking the loss here, so they have alot of leeway as to how they handle this.
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0 votes 23 answers Share Flag
Wed Jul 23, 2008
Gail Gladstone answered:
If the property is listed in Multiple Listing Service, any Realtor can show it to you and provide you with further information. if you wish, email me off line at Gail@GailGladstone.com and I will try to assist you. ... more
0 votes 9 answers Share Flag
Wed Jul 2, 2008
Carl Henker answered:
Your first step in shopping for a home is to be pre approved for a home loan with a lender of your choice. With loan programs changes occuring almost dailey you need to know how best to plan your purchase and establish a price range in which to shop for a home that is affordable. The pre approval will let potential sellers know you are qualified to purchase thier home. Good Luck ... more
0 votes 11 answers Share Flag
Thu Feb 21, 2008
Brecht Palombo answered:
The seller owns the property not the bank. There is nothing you can do. If the seller doesn't want to take your offer they don't have to. Short means the seller is in a pinch it doesn't mean the bank owns the property.

If you lived in a home that you owned now and someone made an offer to the bank you borrowed money from to buy it do you think the bank should be allowed to sell it from under you?

Why wouldn't you bid at the auction? If you already know what you're getting into (property wise) what's the risk? I suppose there is some risk that the owner damages the property on their exit, or if you're not sure about your finances your deposit could be at risk if you can't get a loan but otherwise why not bid? As a real estate auctioneer I'm puzzled by this.
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0 votes 14 answers Share Flag
Sat Jan 21, 2012
Jeannette Neerpat answered:
Now is the perfect time to buy. Prices of homes are great. The interest rates are at a all time low. If your are interested in receiving updates on homes and there prices you can visit my website at www.Neerpat.com or you can call me at 954-865-7541. Look forward to hearing from you.

Jeannette Neerpat
www.Neerpat.com
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0 votes 32 answers Share Flag
Wed Apr 27, 2011
Tisza Major-Posner answered:
Hi Sherry,

Thanks for asking this question. No one can tell you what things will be like 6 months from now with any real guarantee. What we can tell you is that traditionally July is a busy month for home buyers and home sellers. That means that although more homes are traditionally available then, more buyer's are looking so the competition is usually a bit stiffer.

Of course in the current market "competition" is a relative thing. I would suggest that you align yourself with a Realtor now and start looking as there is a plethora of options currently available and what you might pay to get out of your lease (which sometimes only requires asking) may wind up being less than what you might pay to buy then.

Also, starting to learn about the market and what your dollar will buy earlier rather than later is always a good idea. You might also want to contact a lender (or several to start interviewing them to see who you want to work with) to find out what you will need when the time comes for you to buy.

Another thing to consider is whether you and your husband are thinking about buying a distressed property (short sale or foreclosure) as these transactions can take additional time and having the time at your disposal would be a benefit to you both.

If you want any additional assistance, please feel free to get in touch with me.

Take care and have a wonderful day!

Tisza Major-Posner, Realtor, Keller Williams (909) 837-8922
... more
0 votes 24 answers Share Flag
Thu Jan 3, 2008
Brian Burke answered:
That is a good question. I want to see answers on this one.
0 votes 38 answers Share Flag
Tue Jan 1, 2008
Perry Henderson answered:
Sell the worst feature in the house. Run a negative ad and get twice the number of respondents. I love large houses cause I can go on and on about how you can get lost in the space, etc. This actually works. Think about it, how often do you slow down to see an accident. Same principle applies. ... more
0 votes 37 answers Share Flag
Sat Feb 9, 2008
Keith Sorem answered:
Owner
You as the owner can negotiate any type of fee scale you want.
A few things to bear in mind:
1. I don't know your market, so this is a general comment - most markets are buyer's markets, meaning there is more inventory than buyers. Many markets are declining (meaning due to the recent changes in lending requirements there are fewer qualified buyers now than prior to September. So less demand, increasing inventory, what happens to price?
2. According to the California Association of Realtors Buyer survey for 2007, 90% of the time the buyer sees the home they purchase with an agent. Why is that statistic important to you? By selling the home by owner, without professional representation, you effectively exclude 90% of the buyers.
3. Assuming your market is as stated, that means that if if LISTED homes are having a hard time selling, a home sold by owner is less likely to sell. So if the market is declining, it is likely your home will be worth less in the future. So "testing the waters" as an unrepresented seller may cost you more than you think.
4. Over 85% of owners selling without professional represenation eventually list with an agent.
5. According to the National Association of Realtors 2006 Seller Survey, " the typical FSBO home sold for $187,200 compared to $247,000 for agent-assisted home sales"

So, to sell your home on your own is up to you. Less than 10% of homes sold in the US are sold "directly". However, if that means making less NET profit, why on earth would you sell on your own? I suggest interviewing some Realtors, look at your NET, after expenses of selling, and then you make the call.
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0 votes 44 answers Share Flag
Tue Feb 14, 2012
Ute Ferdig answered:
Hi Michael. Yes, Metrolist has both, the short sale and REO designations, which makes it very easy to search for properties that were short sales and/or REOs. On the other hand, out Nevada County MLS, which was just recently updated, does not seem to have this designation yet. One of the main reasons for that may be because Nevada County has very few foreclosures as most people who bought up here in recent years did not buy with subprime loans as they came with equity from the sales of their homes in the San Francisco Bay area and Southern California. ... more
0 votes 21 answers Share Flag
Fri Sep 7, 2007
Herman Chang answered:
You would have to look at what has sold in those 6 months. This will show you the decline. I would recommend doing a CMA (Comparative Market Analysis) of the particular community you're interested in. ... more
0 votes 7 answers Share Flag
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