March 2012 RSS Feed

There is a new listing status on the RMLS called Short Sale Pending (SSP) on March 15, 2012.  This new status was needed for the vast amount of short sales on the market in the Portland Metro/Vancouver area - about 26% of all active listings currently are short sales.  

What has been happening, that was a real problem, was that our buyer clients would find a home online that they would fall in love with and then find out that it was a short sale that already had an offer on it.  There would always be a big emotional let-down when they would find out that someone else already had an offer on it.  This new status, SSP, covers that, so that the listing agents of short sales, who have received offers on their listings, would change the status from "Active"…

The reason why I bring this up is, I have been helping a fellow agent with her client in searching for a home. We found a great home that met all of their needs and we were preparing an offer when we ran into a snag with the lending company they had been  working with. They were not able to get the pre-approval through their underwriting department! Someone else closed on the house that they had spent over a year looking for. It ended up being a very sad affair. It is importnat to have a Real Approval in hand, not a verbal one. You can find Mortgage Lenderes on my website.