This is correct. The mls status has nothing to do with your actual contract.

As many have said, the listing status in the MLS has nothing to do with the contract.

Also, the listing agreement is a contract between the seller and brokerage. Anything pertaining to the listing is between them.

Most MLS systems require the listing agent to change the status when the listing gets to a certain point. If the agent does not change the status (and is caught), they will get a small fine or warning from the MLS. I have worked at a local MLS and the largest MLS in the country and they had that policy.

Let me just voice my opinon that NO ONE should be advising you on how to "get out of a contract". None of them know the details of your contract or what your concern is. It could be simple 'buyers remorse' which happens often because the buying experience is so emotional.

Tom, the best thing you can do is voice your concerns with your agent. The agent should tell you options and then refer you to a real estate attorney.

Best of luck to you! ]

Angie

Perhaps, mandatory was a bad word choice on my part.

What I meant to write is that in VA--unlike in several other states (I believe CA is one of them)--lenders are required to honor an inspection clause if a buyer opts to specify one. I found out about this by bidding on a REO owned by Countrywide (which was based in CA). One of Countrywide's Addenda contained a clause that required all potential buyers to do all of their inspections, appraisals, etc, before submitting an offer on one of their REO properties. I learned that clause was unenforceable in VA.

Anyway, so if you specified an inspection clause in your purchase agreement or one of the addenda, and if you're still in that period, then you should be able to terminate that agreement just fine.

Not on that issue alone. In fact that issue has little or nothing to do with your contractual obligations and that of the seller.

Agents must comply with the rules of their local MLS. If they break the rules they are often subject to fines and other punishment. But unless your contracts calls for the property to be shown as under contract, chances are you may not like it but you can do nothing about it.

In our area we can list homes as "active with contract" and the listing remains in the MLS and will be downloaded to various Internet home sale sites. If we put the listing as "contract pending" it falls out of public sites that list homes for sale. It is a good system because homes are not sold until the seller is paid. Especially in the current market contracts do not always end in a sale. Many factors can cause the contract to end and the property to be back on the market. Very often the reason has nothing to do with the property at all.

It is in the seller's interest and the agent's interest to leave the property in the system in case the first contract fails. There may be another buyer who would buy the property if you do not buy it. But any offer that comes in once you have the contract on the home must be a "back up contract". You are still in first place and can buy the property under the terms of your contract. However, if your contract does not go through, the back up contract would become the new contract.

In Virginia, there is no Mandatory Inspection Period. The purchaser has the "right" to perform and is encouraged to have any inspections. These are the purchaser's choice as the seller makes no representations as to the condition of the property. The seller does however agree that certain functions will be operable and conditions are met at the time of possession or occupancy,which ever occurs first and the time frame and remedies would be laid out in the contract.

I agree with everyone, the MLS oversight will not affect your contract.

However, I find it intersting that VA has a "mandatory inspection period". I've never heard of such a thing. I can see both sides of that coin. It seems it might make it a little harder for quick-close cash investors to get a good deal. Waiving inspection can be a strong incentive here for a buyer to accept a lower-than-hoped-for offer.

Until I saw John G's comment, I didn't realize you're based in VA. VA has a mandatory inspection period. (I must have been sleep, because I missed that detail.) If you're still in that period of time, and if you haven't waived all of your contingencies, then you should be able to get out of that contract--and get your EMD back if you're able to use one of your contingencies.

Tom, Thanks for the question. Unfortunately, I believe you have no leverage as a home buyer to get out of the contract is the status in the MLS was not changed. This is not covered specifically in a Virginia residential purchase agreement, unless you had something written in an addendum to address this issue specifically.

The status in the MLS has nothing to do with the contract.

Make sure that attorney is a real-estate attorney or practices contract law.

The disclosure posted at the bottom of each MLS property indicated"Information deemed reliable but not guaranteed. Parties are advised to verify."

This clause could probably negate a claim but review with an attorney would be advised.

Good luck

The MLS is not related to your contract. It just means the listing agent has not gone back in the computer system and don't the correct updates.

Please have the agent representing you review your contract with you to determine if you have any contingencies which might allow you to cancel the contract. If you did not have your own agent then you should consult a real estate attorney.