I bid on a home that is now showing as "pending." When I see it now on mls, it shows a higher price than originally indicated. What's the purpose of that? How long before I get a yay or nay on my offer? Do they hold on to all offers and if so for how long?
2007-12-03 11:44:32 · 5 answers · asked by Fern 1 in Business & Finance ➔ Renting & Real Estate
Thanks for the replies...it's pretty bad when I have to ask Yahoo when my agent should know these answers...
2007-12-03 12:16:43 · update #1
It's probably because the home received a higher offer than was listed. Perhaps so many people bid that it became a bidding war.
2007-12-03 12:26:13 · answer #1 · answered by monicanena 5 · 0⤊ 0⤋
Did you "bid" on the home or put in an offer? These are two totally separate ways to purchase a home.
The listing price was increased and showing "pending" because it is in escrow with that price offer (which the agent shouldn't have done yet)which was excepted by the seller. If it falls through Escrow the price might change again because that offer is no longer on the table. The next offer the seller accepts will go through the same process.
You will probably not be contacted by the agent because they usually don't like to do it, but I would call that agent and find out what is going on. Don't tell them you saw it on the MLS.
2007-12-03 11:58:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Beause it had to do with the contract for the bank. They changed the MLS listing to match the contract price, because it was higher.
By the way...the bank has no such requirement, but many Realtors are under some silly impression that it has to be.
Banks don't care, as long as it appraises.
Your offer is a back-up offer. Back-up offers will be presented to the sellers in the event the first contract falls through.
2007-12-03 12:04:03 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
It all varies by agent. It probably means that another buyer made an offer above the initial asking price. But if that deal falls through, they are accepting back up contracts. They will not give you an answer on your offer until the other buyer's deal is solid or gone.
2007-12-03 11:52:16 · answer #4 · answered by Meghan 7 · 0⤊ 0⤋
Definately terminate your agent if she would be able to't get it ideal interior a first rate term, like 24 to 40 8 hours. 7 days is merely too long which you will might desire to attend. communicate along with her broker service and ask to be released from the settlement. Many brokers value their popularity greater then having an unhappy shopper who will unfold the undesirable information approximately their employer.
2016-10-19 01:31:39 · answer #5 · answered by ? 4 · 0⤊ 0⤋