IS IT UNUSUAL FOR A PROPERTY THAT HAS GONE TO ESCROW ON A fRIDAY FOR THE SELLER TO HAVE AND OPEN HOUSE THAT?

Rosemary Lee
Home Buyer
94579

WEEKEND

Answers (3)
John Formica
Agent
Lomita, CA

Hi Rosemary, that is not very unusual. Most of the time we keep doing open house after an offer is accepted. The status is changed to "pending" but most sellers will like to keep showing and accept back up offers because in today's market, as Frank mentioned , half of escrows don,t get to close because compliance with cities requirements, inspections and more strict loan practice.

Web Reference: http://www.c21amber.com
Tue Jun 2 2009, 21:14
Frank Diaz, MBA,...
Agent
Honolulu, HI 96825

Hi Rosemary,

We typically keep showing the property when the status goes to "Active Continue to Show" which means it has an accepted offer. As Kate said, once the contingencies are removed, you get a large step closer to escrow. The status is then changed to "Pending." At that point, there is no point in doing more showings.
Up to the Pending status I recommend that sellers keep showing it and accept back up offers.
Probably half (just a guess) of escrows don't go to compleation for various reasons, the biggest ones being financing and inspections.

Sun May 31 2009, 15:24
Katie Minkus, B...
Broker
96743
FIRST ANSWER

Aloha, Rosemary. That would not necessarily be unusual, because most transactions in Hawaii go into escrow with a laundry list of contingencies that allow the Buyer to cancel the transaction at various points along their due diligence and discovery process. Thus the Seller's agent is still going to do their very best to get other buyers interested in the property and make backup offers until the point in time when the Buyer has cleared the vast majority of their contingencies and the transaction is truly proceeding toward closing. Plus, the property has been advertised for at least a week as being on the Open House tour, and I know Sunday Open House is a huge deal on Oahu, so they're not necessarily going to cancel the Open House at the last minute because a lot of preparation goes into an Open House, or any other showing. Make sense? Warm aloha, Katie Minkus,R(B) Broker-In-Charge, Hawaii Life Real Estate Services, LLC.

Sun May 31 2009, 14:09

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