Question Details

Ben Vorspan, Real Estate Pro in Studio City, CA

Would you put your client's house on "hold" or cancel the listing while looking for a new home?

Asked by Ben Vorspan, Studio City, CA Wed Jan 22, 2014

My clients have a very specific location they want to move to, with limited inventory. They thought they found the right home, and put their house on the market in order to sell it and buy the other, but then escrow fell through on the new house.

So, now we need to find another one, but with inventory so low, and the location so specific, it's unclear whether the next "right" house will come on the market tomorrow, next month or a year from now.

In this situation, would you put your client's house on "hold - do not show" until they found a new home, or cancel the listing?

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Answers

3
Definitely depends on the situation, but I would probably go with "hold" as long as DOM aren't stacking up. That way you'll still have some idea of the interest the house is receiving from other agents/clients, and when and if the right house comes up for your clients you can hopefully put a deal together quickly.
0 votes Thank Flag Link Thu Jan 23, 2014
That's a tough one. I think it depends on the situation.
0 votes Thank Flag Link Thu Jan 23, 2014
Do your clients need the proceeds from the sale of their current residence to complete the purchase of their replacement home? That may factor into the decision.

I'd put the home on 'Hold Do Not Show'. Days on market do not accrue when on 'Hold Do Not Show' status in my MLS, so perhaps they don't in yours, either. Or maybe you keep it active with an explanation.

If I were you, I'd write and drop or door knock a letter stating that your pre-approved or cash buyer (whatever is accurate) wants to buy a home in that neighborhood. State that they are prepared to pay market value for the right house (if they are) and write some of the items on their wants/needs list. Also say that a showing does not obligate the potential seller to sell their home.

State that if the homeowner already has an agent, they can have the agent contact you to arrange for a showing. This adds authenticity to your letter. Potential sellers are less likely to think you're trolling for listings for an imaginary buyer.
0 votes Thank Flag Link Wed Jan 22, 2014
I would suggest getting information to everyone in that neighborhood that you have a buyer looking. We just recently had a client that bought from us a few years ago, receive that very letter and decided it was the right time to sell and buy a larger home. Sometimes people just need incentive!
Flag Wed Jan 22, 2014
the door knocking is a good idea, and I might do it.

yes, they need to sell their home to buy the new one.

And yes, putting it on hold won't accrue DOM in our MLS either. That's why I don't mind leaving it on hold... I just hesitate to do it indefinitely. I feel like it's more appropriate if the seller needs a certain amount of time to do work, travel, etc.
Flag Wed Jan 22, 2014
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