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How do I know for sure if house is in contract?
I live in Nassau County, NY. Is there a way to know for sure that a certain house (MLS listing) is in contract. I am concerned that the listing agent may just tell me that the house is in contract so that I won't bid. The broker may have a vested interest (I don't want to state the specific reason) that the current bid will be accepted. I am dealing directly with the listing agent.
Sat Jan 26 2008, 15:41 - Great Neck - Home Buying - 10 answers
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Ask another agent to check it out on the MLS for you. Also, if you go to MLSLI.com, you will not be able to see the property as being available. When properties go under contract, they no longer appear to the public.
In the future, I suggest you get a Realtor to represent your interests. Sun Jan 27 2008, 15:37 Web Reference: http://GailGladstone.com
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Or, do what Joe suggests.
Sat Jan 26 2008, 18:47 Web Reference: http://optionsrealty.com
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Knock on the door and ask the seller if their house is still for sale. The most they can do is tell you to get lost or, call their agent.
Sat Jan 26 2008, 18:40
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With any due respect to someone from outside of NY answering a NY question, I offer the following: even if, in NY, a property is U/C, the body of the contract itself, which agents don't read because the attorney is holding it (I'm talking about my area, not all in NY)- the contract PERMITS OFFERS EVEN WHILE THE CONTRACT IS PENDING (pending, meaning not closed). Unless the attorney (because the Realtors don't get it in NY) offers something to the contrary (as in, the property is unavailable for offers until buyer is in violation of the contract), you may well be able to make an offer on your terms. Just make certain that your buyer broker is present with the sellers and listing agent when the offer is presented.
Sat Jan 26 2008, 18:26 Web Reference: http://optionsrealty.com
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If you don't trust the listing agent or brokerage to shoot you straight, contact another agency and ask them to inquire. They will be able to get you an answer. I have to agree with Gina, if it does not show in Realtor.com then it is probably pending. The listing agent is required by law to be fair and honest with you.
Sat Jan 26 2008, 18:11
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Please. If the "selling agent" reduced her commission, how do you know that (because she has a fiduciary responsibility to represent the seller) she was telling you the facts? Get a buyers agent in there to do battle. I'd recommend someone, but don't know anyone in that area. Give me time, and I'll do it- if you are believing the selling agent, you're making a mistake. Don't trust me, but think about it.
Sat Jan 26 2008, 17:50 Web Reference: http://optionsrealty.com
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I guess I never really did answer your initial question and I apologize. From a public standpoint, I recommend you peform a search on realtor.com and if it's under contract and the listing agent has notified the MLS - it should no longer show up on the realtor.com website. It may still be in attorney review and here in NJ if it's in attorney review it'll still show up as an active listing until it's officially under contract. Hope that answers your question. If not, please ask again and I will try my best to assist you.
Gina Chirico PNJP 973-228-1000 ext 132 GinaChirico@PruNewJersey.com Sat Jan 26 2008, 17:47
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Thanks very much for both answers. I however just made the experience that the broker (worked for seller) who was involved in a transaction with me reduced her fee to 3% of the transaction amount to get to contract terms. At the end it did not work out for other reasons but if I would have had a buyer's broker I do not believe that a commission of 3% in total would have been possible. Back to my original question. Assuming that I do not have a buyer's broker is there a way for me to know for sure if a house is in contract?
Thanks very much for all the thought. Tim Sat Jan 26 2008, 17:28
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I most certainly agree wtih Laurie. Before I was an agent we bought our first house through the listing agent (we didn't know any better) and it was a very bad experience. Buyer's agents will work for the buyer with your best interests at heart not the sellers. From here on in you should get yourself a good buyer's agent. Nornally the seller would pay the realtor fees so it shouldn't cost you anything for your agent's service. If you want, I can refer you to someone in your area. Good Luck!
Gina Chirico, Sales Associate PNJP (973) 228-1000 ext 132 Gina Chirico@PruNewJersey.com Sat Jan 26 2008, 17:15
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The concerns that you have will be eliminated if you sign up with a good buyer broker. Just as the selling agent is protecting the seller, having your own conduit for fiduciary is critical. A buyer broker will be able to answer your question, and establish the status of the property. This is exactly why buyer agency is gaining momentum. Good luck!
Sat Jan 26 2008, 15:45 Web Reference: http://optionsrealty.com
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Check out more Home Buying questions in Great Neck...
Answered Mon Jul 28 2008, 14:26 by Gail Gladstone, CI… in Great Neck
Answered Wed Jul 16 2008, 20:08 by Joan Coubarous in Great Neck
Answered Mon Jun 2 2008, 11:27 by Zack in Great Neck
Answered Sun Jan 27 2008, 09:06 by Philip A. Raices in Great Neck
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