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Foreclosure in San Martin : Real Estate Advice

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  • Local Info0
  • Home Buying5
  • Home Selling1
  • Market Conditions2

Activity 3
Tue Sep 25, 2012
Terri Vellios answered:
I don't understand the question. You are are not using a Realtor what does it matter what other people think of them?

By the way the word Realtor is a registered name of an Organization that Real Estate Agents and Brokers elect to be members of. A Realtor is held to a higher level of ethics and standards. I would expect that a "Realtor" is trusted and respected.

Not all Agents and Brokers are Realtors.

have an amazing day!
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Thu Sep 20, 2012
Caney Arnold answered:
I would recommend that you check with a real estate attorney to have them assess your specific situation and to go over your options with you. They can tell you the pros and cons of foreclosure vs. bankruptcy vs. short sale vs. paying. Some attorneys are willing to talk to you over the phone for free to assess your situation and give you some basic advice. Your local Association of Realtors may be able to refer you to an attorney, or you can contact me and I can give you the contact information of someone in my area (LA's South Bay Area).

Caney Arnold, Realtor
DRE# 01916191
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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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