I have just been contacted by a potential buyer who was interested in seeing a short sale home that she saw online. I got the address of the property to search in MLS and found out it was under contract already. Of course it was showing up on real estate websites since it was marked as “contingent” and not “pending” esscentially allowing people to come look and make an offer as a back up to the existing. But this wasn’t what I thought was interesting, after all, these days any sellers would love to have back up offers in case an exisitng contract falling through. What I did see in MLS that was interesting was the fact that it went under contract September 25, 2009 with closing date projected to be October 30, 2009. Well, today is November 13. 13 days well over the projected closing date. I called the listing agent and after waiting almost a whole day for someone to call me back, I got a call from a team member of the listing agent saying that the “contract” is pending approval by a 3rd party, in this case the mortgage holder bank. They tell me that they thought the closing could take a place on the 30th, and it didn’t. They don’t have an answer yet from the bank and don’t know when they will do. So, the article that I read just a few days ago was true that the buyers are put in the dark of bank/lender approval of their “signed” contract for around 90 days!!!
Tags: short sale
Avg. Sales Price: 379,000
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