short sale advise

[John S. Rabi]

One more thing I would add, your earnest money deposit check should be held by the brokerage company representing you instead of escrow. Should you wish to cancel the transaction based on a contingency, escrow still needs both parties to sign the escrow cancelation to release the funds, and good luck getting that from "Mr. Bank!"[][][]

Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)

[adias]

Thank you all for the crash course in short sales. Very helpful for the novice like me. BTW john, your site johnrabi.com appears to have problems, the frame comes up with page cannot be found.

If a property in Hawaii MLS is a short sale, what does it mean if the status is contingent? Does it mean the bank accepted the offer? If it stays contingent for a long time would that imply buyer is having problems?

[John S. Rabi]

quote:

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Originally posted by adias
If a property in Hawaii MLS is a short sale, what does it mean if the status is contingent? Does it mean the bank accepted the offer? If it stays contingent for a long time would that imply buyer is having problems?

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Because of our stupid MLS rules we have 48 hours to report a transaction changing status, so when the SELLER accepts the offer that is subject to BANK approval it becomes contingent. It will remain contingent (that's the long time you refer too) until the bank approves/declines the sale. Some real estate agents do not change the status upon seller's acceptance to generate more back up offers, but that is against the MLS Subscriber Agreement and subject to fines. (It's stupid too, banks take months to reply to an offer and if they decline, they will take months again to reply to the backup offers too. It's much easier with REO properties.)
PS. Mahalo for the heads up about my web site, I called my IT guy.

Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)