Home Buying in Brea>Question Details

CONSUMER, Home Buyer in Brea, CA

Buyers...how do you feel about listings that remain ACTIVE even when multiple offers have been received? Here is your chance..

Asked by CONSUMER, Brea, CA Tue Jul 10, 2012

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Annette Lawrence’s answer
There are many ways to sell a home. Your scenario tends to identify but one of two way.
It is my opinion that all homes should be sold exactly the same way the banks are selling their stolen real estate.
No Disclosures
No binding contingencies
Best offer and terms accepted.
There's no one to blame but the buyer.
Contract signed...you've bought the house. The end.
What the writer does not make clear is 'where' the buyer is looking to see a faulty status.
If this faulty status appears on entertainment websites, not a problem. It's after all an entertainment site where guesstimates and values float on clouds of fantasy.
The serious buyer always has the option of using reliable resources that connect to the local MLS. They ALWAYS have this choice. Should they choose to get their decision making information from reality shows or entertainment websites, that is the liberty they have. They need to understand the data they are view HAS been altered from it original, accurate, accountable content. When they complain about the data, the must be reminded of the choice they made.
Most MLS's will have rules in place regarding the status when a offer is ACCEPTED by the owner. Until it's accepted, it a verbal offer...not quite worth talking about.
Buyers have many choices. That's a good thing.
0 votes Thank Flag Link Thu Jul 12, 2012
From the MLS Rules in SoCal:

"..........Listings with accepted offers shall be reported to the MLS or input into the MLS database as “pending” or “back-up” within 2 business days of the acceptance by the listing broker unless the negotiations were carried on under Section 9.1 (a) or (b), in which case, the cooperating broker shall notify the listing broker of the “pending” status within 2 business days after acceptance, whereby the listing broker shall then report or input the status change to the MLS within 2 business days of receiving notice from the cooperating broker..............."
0 votes Thank Flag Link Thu Jul 12, 2012
Question to my dear bloggers is not that action a MLS violation ???

You can have as many offers you want, but once one is accepted the status must be back up or pending.
0 votes Thank Flag Link Thu Jul 12, 2012
Doesn't matter how many offers are received only that one has been accepted. Until that happens the property should remain active.
0 votes Thank Flag Link Tue Jul 10, 2012
I don't know how buyers feel, but as a broker it sure is annoying.
0 votes Thank Flag Link Tue Jul 10, 2012
If offers have been "RECEIVED" the property should remain in ACTIVE Status. Howwver, If an offer has been ACCEPTED by the seller, it should be changed to "Back-up", "Contingent" or "Pending".
0 votes Thank Flag Link Tue Jul 10, 2012
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