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Posted by
Marlene Springer

Can a status be changed from Pending to Pending Continue to Show

The appraisal has come back low. Can the status be changed at this point as we try to arrive at a compromise?

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Can a status be changed from Pending to Pending Continue to Show

By Marlene Springer   
Posted on Jun 09, 2018 in Topic: Realtor Only
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The appraisal has come back low. Can the status be changed at this point as we try to arrive at a compromise?
Status: Open
Viewed: 220
Asked by: REALTORS®
Posted: 2 weeks ago
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Lucy Alvarado
about 2 weeks ago
The status can be change when the option period expires. You have the choice of keeping it on the market or selling it at the price it was appraised for but you should discuss with your agent. When they do the appraisal the house is appraised at the value, trying to find another buyer will not change the appraisal.


about 2 weeks ago
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Greg Bennett
about 2 weeks ago
If seller/client agree to continue to show the home even while under contract shouldn't violate any terms of the contract. Additionally there shouldn't be anything in the contract stating seller has to lower the contract price to meet the appraiser's value estimate. I tell clients the appraisal is a subjective valuation primarily for the banks use. If they come in low...well, hard to change the number unless there's an obvious error such as square footage or overlooked amenities. Most the time, depending on the situation, buyer and seller find a way to keep the transaction alive by meeting somewhere in the middle making it a win-win. Its not pleasant but can still work out. Good Luck.


about 2 weeks ago
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Jennifer Martinez
about 2 weeks ago
Hello Marlene-

Yes, you are allowed to change the status to “PS” if the current (working) offer is contingent upon the sale of another property. Additionally, “PS” can signify that the sellers are open to negotiating back-up offers.

Hope this helps!
Best Regards



about 2 weeks ago
Bronze
Penny Clissold
about 2 weeks ago
Yes when you pend it you can use either or change it later.


about 2 weeks ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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