Agent
Upon receipt of an offer, and more commonly multiple offers, on our short sale listings, the seller will select the offer they wish to accept, the offer will be fully executed by buyer and seller, and the offer will be submitted to the short sale lender.
- Our short sales typically take 4 to 5 months to get to the approval stage. We then close escrow 30 days later -- so typically the entire process takes 6 months start to finish,
however it can take more or less time depending on the lender.
- Once we have received your offer & confirmed receipt, we will update you via email on a
regular basis. We will let you know where we are in the short sale process, when the BPO
has been ordered or completed, whether an NOD or NOS has been filed, when a
negotiator has been assigned etc. It is very important that you read these email updates.
- If a property is marked CONTINGENT, that means the seller has not accepted an offer, and we will continue to field offers .
- We usually receive multiple offers on our short sales. However, please do not be
discouraged by this, as many of these buyers tend to drop off by the time the bank
approves the short sale & the buyers that are willing to be patient end up getting the
property. Your client could be that buyer.
- All other offers will be notified that an offer has been accepted by the seller and that they are in backup position should that buyer cancel.
- All listings marked as "ACTIVE" OR "CONTINGENT" in the MLS are available. Listings with accepted offers will be either marked "PENDING" or "CONTINGENT WITH ACCEPTED OFFER" immediately upon receipt of an accepted offer.
- Therefore, you DO NOT need to contact our office to confirm availability.
If it is ACTIVE on the MLS it is AVAILABLE.
- CONTINGENT SIMPLY MEANS THAT AN
OFFER HAS BEEN SUBMITTED TO THE LENDER(S), HOWEVER IT HAS NOT
BEEN ACCEPTED BY THE SELLER(S) AND THE PROPERTY IS STILL
AVAILABLE.
- IF AN OFFER HAS BEEN ACCEPTED BY THE SELLER ON A SHORT SALE LISTING, AND SUBMITTED TO THE BANK, THE LISTING WILL BE MARKED "CONTINGENT WITH ACCEPTED OFFER" ON THE MLS.
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