Home Buying in Davis Square>Question Details

Future Homeo…, Home Buyer in Somerville, MA

How long can a house have a "For Sale" sign up on it after an offer has been accepted?

Asked by Future Homeowner, Somerville, MA Fri Mar 26, 2010

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Until the closing - and in many/most cases this is done. Sometimes an "under contract" rider is put on the sign. But generally, the signage stays put until closing day. I usually take my sign at the time of or just after the walk through.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
1 vote Thank Flag Link Fri Mar 26, 2010
Agents leave signs up on property after a contract has been signed as a way to promote themselves. The sign can technically stay up until closing, as deals do fall through at the closing table. It is really bad practice for the new homeowner to leave the closing table and find the for sale sign still in the lawn. But it has happened.
1 vote Thank Flag Link Fri Mar 26, 2010
The answer lies within the "Seller Agreement" and with the parties who have signed it. but usually the sign comes down after the seller closes on the sales contract.
0 votes Thank Flag Link Fri Dec 10, 2010
My advise would be to leave it up until your closing. Unfortunately there are points in the process where the deal could fall through, i.e. home inspection, buyer financing, and you would not want to miss an opportunity to market your property to another potential buyer.

Best of Luck!
Vicky
0 votes Thank Flag Link Fri Dec 10, 2010
Often when an offer is accepted it still has contingencies to be removed before it is 100% under contract. Financing and inspections are a couple of contingencies that are often in place at the time of an offers acceptance. Technically the house is still for sale and able to accept back-up offers all the way up to a few days before closing, so agents leave the sign up so as to not discourage any potential buyers lurking around. It is also a way to advertise and get calls from potential buyers that the agent can work with so there is no compelling reason to remove the sign until closing has occurred. As some said, some agents put on under contract riders to show movement in the market and create a sense of urgency to other potential buyers.
0 votes Thank Flag Link Fri Dec 10, 2010
The sign usually remains until closing day, unless the seller no longer wants it there.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Fri Dec 10, 2010
Here in Brooklyn we keep the signs up until the sale is completed. Sometime agents will add progress riders to the signs.
0 votes Thank Flag Link Fri Dec 10, 2010
The For Sale sign usually does not come down until theday the house closes or after the walkthru on closing day.
0 votes Thank Flag Link Fri Dec 10, 2010
The true answer is; it is up to the seller. That's it! Many sellers will want to leave it in the ground to keep notice that the place has not sold yet, so they can bring a back-up offer.

Cheers,
Bill P
0 votes Thank Flag Link Thu Aug 5, 2010
Michael is totally right. Around here in Somerville, it is confusing to a lot of new buyers because the house is not for sale for a long time while the sign is still there.

Here's the timeline:
Two weeks from the time an Offer to Purchase is accepted until the Purchase and Sales Contract is signed. (Inspections are done in that period.)
Then another month or so until the buyer's loan is committed.
Then one more week until it closes and the Realtor’s sign goes away.

So, the sign can easily be there for six weeks when someone else has already bought it, but hasn't closed yet.
0 votes Thank Flag Link Fri Mar 26, 2010
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