What does Contingent short sale mean
Contingent short sale means that the home for sale is a short sale, has at least one offer on it but the agent is still listing it, usually to get back up offers in case the one they have falls through. In my opinion it is a glitch in the multiple listing rules and causes for lots of buyer frustration and waste of time. We are working on making it a requirement for agents to state that they are taking only back up offers, or if they are sending multiple offers to the bank. Sometimes getting in on a contingent short sale results in a successful purchase. Sometime the deal is unraveling. So if an agent tells you it is a waste time to look at them it is NOT exactly true. But it may be.
If you see a house that you LOVE that is contingent short sale you should have your agent inquire about the status, the banks involved, how long they have been negotiating. If we have a contingent short sale listing we are taking back up offers. Sometimes you can make an offer and get in first position because the other agent or buyers have a loose offer where either buyer or seller can walk and if you put in a strong offer you can state in the offer that you are first position and no other offers can be shown to the bank until yours has been worked through completion. So if you are looking at a short sale call me. If you are working with one of my agents call me and I will help you and your agent save time and if the right house is a short sale we can find out if you have a chance. Short sales can take months. If you find a house that is a short sale, and one that is not that you like equally, USUALLY the one that is not a short sale will be less time consuming and quicker to buy. Usually. Not always. Call Jon for more explanation. 208-870-2115
We like short sales when we can control the submission and communication with the bank(s) or if we are working with a good experienced agent. Short sales can be easy, fairly fast and even contingent short sales may be worth at least a phone call. Don’t avoid them. But be aware of how they work. Using an experienced buyer agent is very important. Use one of us. We are trained and experienced.