Replies to This Discussion

Permalink Reply by Abraham Walker on October 13, 2010 at 3:15pm

It shouldn't be but I would contact the listing agent. In New Orleans, a property can not expire if its status is Under Contract.

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Permalink Reply by Steve Early on October 14, 2010 at 2:41am

JL -

Bad sign? Well, it isn't a good sign. Abraham is right. Contact the listing agent right away and find out why it is no longer listed. It should still be in MLS if there is a proper listing I would think. If the listing agreement expired, the lender will notice this when they review documents and insist on having an updated listing agreement to do the short sale anyway. But start with the listing agent for sure.

Good luck - I hope you get it.

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Permalink Reply by Smitty on October 14, 2010 at 4:54am

I don't think it's a bad sign. It could have expired. It doesn't mean your short sale won't be approved, just that the listing needs to be extended.

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Permalink Reply by Jeff Payne on October 14, 2010 at 7:08am

I don't see any way that a listing can expire if it is under contract.

Smitty said:

I don't think it's a bad sign. It could have expired. It doesn't mean your short sale won't be approved, just that the listing needs to be extended.

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Permalink Reply by Smitty on October 14, 2010 at 7:37am

Jeff, it's just extended. It happens in my area frequently. If the listing is a 3 month listing and expires off the MLS, the agents just sign an extension and it's reactivated. This can all happen while the short sale is negotiated.

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Permalink Reply by Jeff Payne on October 16, 2010 at 3:52am

I understand that.. IF it is still showing ACTIVE it will need to be extended but if it is under contract, my MLS has a status of Pending or Contingent and if that is the status, it does not expire.

Smitty said:

Jeff, it's just extended. It happens in my area frequently. If the listing is a 3 month listing and expires off the MLS, the agents just sign an extension and it's reactivated. This can all happen while the short sale is negotiated.

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Permalink Reply by JL Wdng on October 16, 2010 at 6:59am

It wasn't showing at all, which was my concern. However, I've since learned that it is pending, which was indicative there was some movement on it but why it wasn't visible to me but my realtor can see it, is a mystery to me. I tell you though...these short sales are not for the faint of heart and I've got lots and lots of patience but somehow, it almost tossed me over into the darkside of short sales. Supposedly, after 5 months, it was 'technically' approved but we're waiting for a letter of release from the PMI company. Of course, the contract expired yesterday and we haven't been able to get in touch with the listing realtor for over a week now. {shaking my head}. It all sounds like good news but really, it's not over till the fat lady sings and I've got the keys in my hand. Thanks for the information you all have provided.

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