Expert: Dennis Herman - 6/18/2009

Question
What does it mean when the listing agent said she is working with an offer, but it is not pending and she is no longer accepting offers?
This was a short sale that didn't get sold by the trustee sale date, wouldn't the property get reverted back to the bank if it didn't sale?
I guess I had 2 questions, thanks for your help!

Answer
The listing agent can be directed by the seller to hold off on showing the property.  It is common to ask a seller if they would like to continue to show the property.  Because selling a property is a stressful situation, most buyers will cease all showings once an offer is accepted.

A pending sale means all contingencies have been removed.  An accepted offer indicates the offer is subject to contingencies such as an inspection, financing or sale of an existing home.  

I'm not sure how to answer the second part of your question.  Depending upon which state you are in, there could be a number of courses a foreclosure can take.  Usually there is a redemption period followed by a hearing, followed by a decision followed by another period of time for the owners to vacate the property. In Wisconsin it takes about a year.  after that the bank will take about 3-6 months before marketing the property.  They may also auction the property in a block.