Status: Short Sale Contingent

When a home changes status from “short sale active” to “short sale contingent” it means that the sellers have looked at and accepted an offer from a buyer.(916 Mann Court is “short sale contingent”) The next step is to get the bank(or banks) to accept the offer. To get the bank(banks) to accept a short sale is a long and painful process, it can take months.  It can work, and I am seeing more of them get accepted. It might have something to do with the fact the banks aren’t getting the toxic loans taken off their hands like they expected.

What usually happens on a “short sale contingent” is that if and when the bank(banks) accept the offer, the buyer that made the offer is no longer interested. They typically have already bought a home. Sometimes 3 or 4 buyers are all lined up for the house and by the time the bank says yes, they are all gone.  That is why sometimes you see or hear, it is short sale approved, first buyer walked, etc.

When it finally gets to where there is a buyer, a seller that has accepted and a bank(banks) that have accepted, then the home can go in the MLS as pending.

Is it worth it to make an offer on a short sale.  So much depends on your circumstances. If you have the patience to wait, it can work. Not all short sales get accepted however, you could wait for months and the bank says no. Sometimes you can get lucky and slip in right when the bank has said yes, but there are no buyers. Your best bet is if you do make an offer, continue to look for others. You know the old saying, don’t put all your eggs in one basket.