In many ways its a great time to be a home buyer in Boise! Low prices and low interest rates make it unprecedentedlyÂ affordable to buy a home right now. But the housing market has also seen inventory levels fall over 50% from 2 years ago and we all know that today you will be dealing with manyÂ foreclosures, bank owned properties and short sales. And its these short sales that give us the biggest headache and especially when we see the dreaded “Contingent Short Sale” status!
No doubt if you’ve been searching for a home longer than, say, an hour you’ve run into the Contingent Short Sale status. And you’ve probably asked the question I end up answering almost daily:
What does “Contingent Short Sale” mean?
The first thing you need to know when you see the status Contingent Short Sale is… well, the listing is a short sale! So if you are not familiar with short sales read up on them. If you are, then you know a short sale isn’t right for every buyer’s situation–like if you have any sort of set timeline to buy. Haha!
But the 2nd, and more important thing you need to know is that the seller of the home has already accepted an offer and the offer is now at his or her lender for approval. In other words, you are now looking at a property that you can make a backup offer on at best–which again, isn’t what every buyer is hoping to do!
So Contingent Short Sale = A short sale listing with an accepted offer that is contingent upon their lender’s approval!
For most buyers Contingent Short Sale means, “move along, there is nothing to see here“. However, if you do want to make an offer you absolutely can! And of course I’d be more than happy to help you with that. 😉
UnfortunatelyÂ there isn’t an easy way to filter out Contingent offers (of any kind) on the IDX feed to this site (and many sites won’t even show you if its Contingent Short Sale or not). However, below you can see where to find out if the property is a contingent short sale or not.
If you are using my Map Search feature:
When you scroll over homes they will all show “active” as the status. But, after you have clicked on the details for a given home you’ll see a sub category for status like here:
If you are using the Quick Search feature:
Once you click on a property, you’ll need to scroll down and find the Additional Details box. Once you are there look for the “Status” row:
Isn’t There an Easier Way?
Of course, you could also contact me and setup a listing alert and note that you’d like me to filter out any offer that was “Contingent Short Sale”. In fact, on the MLS I can really drill down for you and get you only the listings you want toÂ receive. So contact me today about setting up your personalized listing alerts!