CCS = SALE PENDING
Tired of calling your agent with Oakland County homes you find on Realtor.com or on your agent's IDX site (consumer MLS) only to be told that many of those Oakland County homes are pending? And many of those same homes are still showing as active a month or two or six later? I would be frustrated and start to wonder if MY agent was lying to me. I would start to wonder if MY agent had another reason for not wanting to even SHOW me those homes.
CCS = SALE PENDING
Your agent isn't lying. The CCS status is an ACTIVE status and is highly misused. CCS was originally for Oakland County MI homes that had an accepted offer subject to the sale of another house. We called that a 72 hour contingency clause, and basically the seller would keep their home on the market and if another acceptable offer came in the first buyer had 72 hours to remove their contingency and go through with the sale (prove sale of their own home or buy without selling) OR back out and the seller would proceed with the second offer.
Fast forward to the day of the short sale! "Short sale" is simply another contingency in an offer to purchase. It is a seller contingency and is no different than a buyer contingency of mortgage approval or satisfactory home inspection. It IS a contingency that normally takes longer to satisfy than other "normal" contingencies. The sale is contingent on the seller obtaining a reduced mortgage payoff from their lien holder(s)- reduced enough to accommodate the offer price in the offer to purchase.
CCS = SALE PENDING
At this point a listing agent often changes the listing status to CCS - contingent continue to show. Let me be absolutely clear at this point:
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The buyer and seller have a fully executed purchase agreement.
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That purchase agreement contains contingencies just like every other fully executed purchase agreement
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One of those contingencies is a short sale contingency which can take several months to satisfy
I don't know why a listing agent would still leave the listing with an active status (CCS is an active status). Does that agent REALLY think buyers will be lining up to place back up offers on a pending home? Are the current buyers so flighty they may walk and lose their earnest money? Or is the original offer so poorly written that the buyer IS ABLE to walk without consequences? Or possibly the listing agent wants to keep the listing with an active status to pick up buyer leads? CCS in the MLS still sends our listings to Realtor.com, MoveInMichigan.com, etc. Or maybe this is just becoming such a common practice that most agents don't even think and automatically mark their pending short sale listings CCS.
Whatever the reasons:
CCS = SALE PENDING
Jackie Hawley, Realtor
ReMax Encore, Clarkston MI
My direct line at the office is 1-800-401-1444.
My cell number is 248-736-6407.
And my email address is Jackie@JackieHawley.com
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