What Does Short Sale Pending Mean When Buying A Home In Tualatin And The Portland Metro Area?
I often get inquiries on property that is in short sale pending status on homes for sale in Tualatin and the Portland Metro area.Why? Well, even though it has the word "pending" in the status, it will still show up under the "active" homes for sale...because technically it is. Often times, unless it states that the home is a short sale in the public remarks, it's hard for a buyer to even see this info. Often times in these cases I'll give the listing agent a call to see if the seller is accepting any back-up offers or if they already have any in place.
A short sale pending is a home that even though the seller has excepted an offer, the bank still 
needs to sign off on excepting a shorter amount than the seller's mortgage payoff. Until the bank signs off, it's not a done deal. Even when they do sign off, the buyer will then have their timelines to do their inspections..so they can terminate the deal should they not like something found.
As with many short sales, they tend to be long so if you wanted to write up a back-up offer, then know that you can't have a specific timeline needed to move into this home. You are on the bank's timeline and if there are two loans which many buyers used to get the 100% financiing (80/20 loans), then this process can take even longer as the "second" lender needs to sign off as well. A great place to be would be on a month to month in an apartment, or living with someone. Patience with short sales is needed!
Is it a waste of time to offer on a short sale home in pending status? I say if they are accepting back-up offers, then why not. I've seen banks jerk those buyers in first position around asking for silly requests or a higher sales price only to have them get fed up at that point an back out. Knowing where they are in the process also helps so if the lising agent says that they are close and the banks are being pretty cooperative..then you might want to move on.
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