Home Buying in 02857>Question Details

Rae, Home Buyer in 02857

Do realtors uusually leave a house listed online as "for sale" after the buyers and sellers enter into a sales and purchase agreement?

Asked by Rae, 02857 Fri Jun 18, 2010

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Rae, in most cases the listing is marked as "Active Pending Short Sale Approval". Therefore it still shows as an active listing. Depending on how the short sale addendum is addressed, the seller may or may not continue to accept offers on the property. Hope this is helpful. Joe
Web Reference: http://www.joedelsesto.com
0 votes Thank Flag Link Fri Jun 18, 2010
Hi Rae, In Rhode Island a Realtor will put in pending as the status, however, this does not show up in Rhode Island Living. It still shows as for sale until it is sold.
0 votes Thank Flag Link Fri Jun 18, 2010
Realtors will update the MLS status to Pending or Accepting Backup Offers (or whatever the local MLS terminology is). This may take some time to update on other websites that pull from the MLS (such as Trulia)

Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Fri Jun 18, 2010
Rae,

It depends what's customary for the particular Multiple Listing Service. As Katina said, some will indicate a property is under contract with an inspection contingency, for example.

A major contingency (especially in a slow market) might be the sale of the Buyer's home. In such a situation, and if the contract has a "back up offer" addendum or "kick-out" clause, the MLS may allow agents to keep the property "active" with the notation that there is already a contract on the property, but the Seller is entertaining back-up offers.

In my MLS, short sales (pre-foreclosures) must stay in as "active" with a notation that says "Bring back-up offers" or similar language. And, for sale signs usually stay on the property until it closes.

All the best.

Maggie Hawk, REALTOR
(386) 314-1149
Watson Realty Corp.
0 votes Thank Flag Link Fri Jun 18, 2010
Greetings,
There are options available in the Multiple Listing Services that allow listing agents to reflect that the property is under contract subject to the inspection period.

There may be some back office issues going on as to why the property is showing as available. There is typically a lapse between the time when parties agree to terms and a document with all four signatures is obtained. This translates to "An acceptable offer has been received, I just don't have all the paperwork yet, but it's under contract."

Good Luck,
0 votes Thank Flag Link Fri Jun 18, 2010
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