Posted by carolyn in Home Buying on November 18th, 2011
I get more questions about properties marked Active Short Contingent than any other category on the website. When a property is in this status there is a contract between a buyer and seller to purchase the house but the contract has not yet been approved by the seller’s lender(s).
What does Active Short Contingent mean?
I have conflicting feelings about having these properties on the website. Sometimes there is a chance that the seller’s lender(s) want to keep seeing offers – the lender(s) want to make up as much of the shortage as possible. There also often can be weeks between the time an offer is submitted until the bank approves an offer so often buyers will back out. There are valid reasons the sellers want to keep marketing the property – and sometimes there are valid reasons to try and tour and even write offers on a home that already has offers submitted, but in some ways it feels to me like deceptive advertising. Right now there are so many homes in this status (because it can take weeks or months for a short sale to be approved) that it is hard not to run into one of these properties in many neighborhoods. I really would like to hear from people using the website if they find these listings helpful or annoying because I am really unsure if I want to keep them on my website. I’m happy to have this kind of feedback.
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