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Regular Visitor
ocbuyer
Posts: 9
Registered: ‎12-04-2007
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Status? Back up offers?

Ive been looking at homes in Orange County and North County San Diego:

 

Listings in Orange County that have offers on them say "status Back up offers" there isnt one property in the area of North County San Diego that im searching that has this status, why is this? Yet some of them go off market.......

Contributor
jenfrank76
Posts: 11
Registered: ‎01-14-2009
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Re: Status? Back up offers?

What I've seen happening in the Pasadena/Eagle Rock area with homes that aren't in foreclosure or short sale is the owner will but the house on the market, then realize he can't get what he wants for it and pull it off the market. I've seen this several times, where they are either testing the water or they end up selling to a family friend and go through private channels.
Regular Visitor
ocbuyer
Posts: 9
Registered: ‎12-04-2007
0

Re: Status? Back up offers?

These are on REO properties? Just hapen again today, property was in my favs status active, today off market?
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stardragon4
Posts: 10
Registered: ‎01-05-2009
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Re: Status? Back up offers?

Houses often go to off the market status on redfin and other sites when in pending status or when escrow has begun. (under contract) It could take weeks or even months before they will show up as sold in public record. Also sometimes the seller/bank decides to change real estate companies to procure a new mls number with a more recent date attached. Redfin catches these changes and lists them on the details page. I have also seen many reos go to  off the market and come back mere days later with horrible news like "possible foundation issues" You may be able to still sneek an offer in some cases but they are few and far between... best case scenario keep it favorited... wait a few weeks (most of the time financing must be aquired in a timely manner) and perhaps the listing will return... but keep looking or you may miss something great.
Regular Visitor
ocbuyer
Posts: 9
Registered: ‎12-04-2007
0

Re: Status? Back up offers?

I noticed as well the homes that are short sales in oceanside are not flagged as short sales. The updating and maintaining the mls must have different regulations than OC????

Contributor
stardragon4
Posts: 10
Registered: ‎01-05-2009
0

Re: Status? Back up offers?

Redfin explains that the properties are only flagged as shortsales if it is listed in the general comments, but it may be listed in the confidential agent remarks thus allowing them to avoid the flag. pretty much it seems safe to assume if it mentions buyer "will entertain offers between such and such" or things of that nature its a shortsale.