Home Buying in 46226>Question Details

Justus., Home Buyer in 46226

If sold should you pull listing?

Asked by Justus., 46226 Wed Sep 16, 2009

Good answers, The people that wanted the home did everything that you said here had to be done. This is happening all over country. Home is sold, needs to be pulled. As for listing agent they never had a picture or any info on their web site. We depended on your site and zillow. People involved feel scammed they told agent what ever it took to buy the house. W/docs.

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Joe Shoemaker’s answer
Justus:

While I can understand your frustration, there are also things that are outside of our control as Brokers. Sites like Trulia often pull data related to out listings without providing us with the ability to correct or remove the data.

Secondly, the home you keep referencing might not be sold. Further, it's not the only available house on the planet.

I encourage you to stop spending energy chasing down a questionable property and instead spend your time and energy finding the next best one, a home that you can actually purchase without all of these issues.

Good luck.

Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group, LLC
317 413.8501
joe@joeshoe.com
http://www.macduffrealty.com
1 vote Thank Flag Link Wed Sep 16, 2009
Did the buyers have their own agent, or did they use the listing agent? It makes a difference. Their own agent would be their buyers agent. If the list agent represented both parties, that would be a limited agency situation. If they had their own agent, the list agent or the bank really has no obligation to talk to anyone but their client, and would be breaching their fiducuiary duty if they did disclose anything of a confidential nature to you. Even if you can find the bank, find a contact number, find who the asset manager is, get them to pull the file, get them to review it, get them to forward it for review to their manager, get the managers number, get the manager to respond to your inquirey, you will then find out you need to be transfered to a different branch or passed on to another claims review case manager or something like that. If you get to that point, you might then find out, as I did once, that the processing had been farmed out to a third party. My instance was farmed out to a processing center in India. I then had to be transfered back to the North America operations and was finally put in touch with the top of the ladder. Keep in mind, this was the company whose listing I WAS REPRESENTING! I wish you luck chasing info down as a buyer who lost out.
0 votes Thank Flag Link Fri Sep 18, 2009
So I guess we need to asked the bank what happened, since my clients can get no answers from their agent? I can do this. Thank you.
0 votes Thank Flag Link Fri Sep 18, 2009
You will always have contingincies, even if it's as simple as showing up at the closing on such and such day and time. This property appeared to be listed for sale, an offer was accepted, the agent changed the status to active, but has an offer, pending any contingencies. Even if you had a perfect offer, the owner could at his discretion take a lesser offer, a higher offer, or not sell it at all, and would need no excuse as to why they turned yours down. Just because you made an excellant offer to purchase, at the advertised terms, does not mean that the seller has to accept it. At that point, all you have is an offer to purchase. From what I can tell from the listing on the BLC, everything is above board. The listing agent is well known for advertising repos and doing volume business. This end appears nothing less than professional. Now his client, the lender, or other corporate entity, may not have their act togather. A repo listing I once sold, played out like this. Lender gives me the price, say $150k. I go sell it and get a lesser offer, say $125k. Nothing happens for 6 months and they finally accept an offer for $110. Now this is a real scenario but makes no sense from the numbers. Banks have their system, as fouled up as it can be, and thats the rules of the game you play by with forclosures. (fannie mae, freddie mac, HUD,VA, corporate owned, REO, etc.) I could really see a lender backlogged with work and with two offers to look at, picked the first on on the stack and accepted it. No rhyme or reason here but who can only guess what a lenders/owners motivations might be. There are other terms that may have been in the offer that placed the other offer ahead of yours. that have nothing to do with price, but you almost never find out what those are since they will not be disclosed to you when it closes.
0 votes Thank Flag Link Fri Sep 18, 2009
You were all more helpful and trulia seems to be a great tool. My clients have changed their minds about moving their business, daughter and friends to Indiana. The house was for their daughter to live in and around family members while she went to college. She just wanted to do it on her own and ran into this wall. They have all decided because of all this trouble to go elsewhere. But now that they got me involved I am curious about what is going on.
0 votes Thank Flag Link Fri Sep 18, 2009
I am learning Indiana real estate here. If the house was offer with contingencies you say so why would they not take a full price offer with no contingencies if our clients gave full offer on time and asked for no contingencies be placed with all docs needed to buy the house. Just simply buy it, if it falls down tomorrow it my clients house every piece? Something is not right here.
0 votes Thank Flag Link Fri Sep 18, 2009
Justus,
The ad is listed correctly in the realtor BLC. It is in an "Active" status, pending an offer with contingencies. Remember the BLC is the source document. Contingincies like financing, inspections, etc, as long as this is disclosed, it can be kept in an active status. Any syndicated sites downstream of the source may or may not have the codeing to intreprete the source document and may not display this special catagory of an "
active" status. Why would you keep a listing "active"? Pretty simple.......It's not for your benifit, it's to keep the phone ringing. They are disclosing it's for sale, that they have an offer, but they are uncertain it will close. Therefore they elect to keep the phone ringing and built a list of backup buyers should things fall through. 3305 Alpine is being advertised as a forclosure. It is common practice to keep these listings active with contingencies because of the likely possibility that the deal may fall apart. I don't see any problem with how the listing is being represented.
0 votes Thank Flag Link Fri Sep 18, 2009
Just to add on to what J R has mentioned here.

"2 days ago we had a discussion that maybe you should pull this ad or put pending, sold, or something on it. The bidding date ended last Friday and the house is sold and I have asked you to please keep up and pull the ad so as people do not waste time but there it is"

There is a difference between under contract and sold. A lot of things can happen between the time a contract is accepted and the time it closes. Most MLS systems will keep the listing on the website and mark it accordingly as it progresses through the process. Active, contingent or pending what ever the case may be. Should something happen to the transaction before the closing date, such as buyer can not get financing or changes mind or whatever reason, then the listing would get reactivated and if anyone was still interested in it the could move forward on it. Once it actually closes, then it is closed out of the system and removed from the active listings.
0 votes Thank Flag Link Fri Sep 18, 2009
Thank all of you. But this was not a forecloser it was a resale and I look to buy 4 to 6 homes in the area. so far everything I look at ends up what seems to be a scam in my opinion or the listings are not correct. 3 homes were either pending or sold when listing is active. Trulia I thought was fantastic but if they are sold are pending try harder please. I have only 3 months to find these homes and in todays market you would think it would be easy but I dont have 9 days per home to watch the sales. I was under the impression that if we meet full price and no inspections or questions we could buy the homes and move on with cash sales. I was wrong
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Justus, work with a local Realtor and there will be no problem.
0 votes Thank Flag Link Fri Sep 18, 2009
I have no goal, I started out on this site only to warn that they need to pull this ad if for any other reason this house is not active and has not been since last Friday. The home is sold. Also they may not want to be a part of what we feel is going on, so we gave them a little info. That is when the man started defending the broker and agent. Since I used trulia to get my info I just thought I would be nice to give a heads up. Should be pulled since sold . It is not as if this is a enforcement agency only a listing company and if the home is sold and they have it as active they are wasting everyones time. But it has been attack the messenger.
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I had absolutely no idea what you were talking about in your “question” till I read the thread. We agents update our own board’s MLS in whatever way we are supposed to in our area (pending, undercontract, contingencies, whatever). We only have control over what we directly edit. We have no control over Trulia, Zillow, buymyhouse.com or whatever other site that pulls information from our company websites, MLS or Realtor.com. Not to mention we have no way of even knowing who is pulling our information or how up to date it is. And people think there can be some 3rd party national website that all contains correct information. There is no national enforcement agency or anything like that you suggest.
0 votes Thank Flag Link Fri Sep 18, 2009
2 days ago we had a discussion that maybe you should pull this ad or put pending, sold, or something on it. The bidding date ended last Friday and the house is sold and I have asked you to please keep up and pull the ad so as people do not waste time but there it is. How many people stop there day to put in for a house that is sold. I saw your answer the other day but still cannot believe this IS STILL ON YOUR SPACE. Is someone using this ad to bring in customers? Not you of coase but it seems if the house is sold pull it.
0 votes Thank Flag Link Fri Sep 18, 2009
Justus,
This might help you. http://www.fctucker.com is our companies web site. Check it out and register for Mouse trak. it's a free automated search engine that will email you new listings daily based on your criteria. F.C. Tucker pulls these listings daily from the realtor BLC, and from my experience, gives accurate, up to date information. You will usually get the new listings the day of or day after they are listed. I think it is pretty accurate on pulling pended or sold listings, unlike other syndicated sites that may cull those properties on a less frequent basis.
If you enter my agent information. I will be emiled the same listings you are recieving so we may be able to better discuss their potential. The mouse trak system serves best as a tool that allows you to search only once, based on your criteria. After that you are updated daily without needing to re enter all your search paramiters. Our market has been heating up as the due date for the $8,000 1st time stimulis money is drawing near. Depending on your market, price and the home, I have experienced single digit DOM and multiple offer situations. By the time some listings hit Trulia, they may already be gone. I have the capability to generate an easy to read spread sheet breaking our market statistics for any given community, Their active, pended, and sold comparables and any number of useful statistics. For the most part, no contingency cash offers are readily accepted but in todays market, things can and do change. Experience plays a big part here. In addition to my resume, I am working towards an Indiana appraisal license to become an expert in valuation. I still have some time to go on this but it lends to my credibility when it comes to valueing a home. If you are looking for an experienced point man in the area, please check out my profile. I would like the opportunity to earn your business. Indiana is a buyers agency state, so I will be representing yor interests and your interests only. -Eric
0 votes Thank Flag Link Wed Sep 16, 2009
Thank all of you. But this was not a forecloser it was a resale and I look to buy 4 to 6 homes in the area. so far everything I look at ends up what seems to be a scam in my opinion or the listings are not correct. 3 homes were either pending or sold when listing is active. Trulia I thought was fantastic but if they are sold are pending try harder please. I have only 3 months to find these homes and in todays market you would think it would be easy but I dont have 9 days per home to watch the sales. I was under the impression that if we meet full price and no inspections or questions we could buy the homes and move on with cash sales. I was wrong
0 votes Thank Flag Link Wed Sep 16, 2009
Justus,
Sites like Trulia can be misleading at times with property information. They are not the source, they are syndicated sites that take information from the realtors site and redistribute it. The source in Indy will be the brokers BLC. Borokers Listing cooperative. Also known as the old MLS. Their are rules of conduct that the BLC watches over, one of which is if you have a pending sale, or it closes, proper notification must be registered. It can still be held in Active status but may be pending financing, inspections, open to backup offers or any number of things. These will be disclosed at the source document, the BLC. When this information is distributed to other sites, you will see the information become watered down at times.
I have been involved on both the listing and selling side of repo homes. As an agent we are sometimes told one thing, only to have the bank pul the carpet out from under us and change the game mid stream. Some agents specialize in the repo business and are offering limited service, thus the lack of pics and information. As an agent, we all look bad when the game is changed mid stream but most of the time it is beyond our control. For the consumer, lack of information is frustrating and may at times seem misleading but thats why our listing contracts are "offers to sell". Even if a "perfect" offer is submitted, the seller is at liberty to change their terms. The listing agents are reacting to the sellers wishes. With the volume of repos we are seeing and the lenders rush to liquidate them as soon as they believe they have marketable title, there are those listings that may not seem to be on the up and up, but the lender holds all the cards. Welcome to the game. Best of luck in your property search. If I can be of service, please let me know. I am an invester and contractor as well and am familiar with financial objectives of investment property. I am a pretty good estimater whan it comes to fix up and carrying costs. All things are relative to purchase price, fix up, carrying cost and ultimate sales price. All the best, -Eric eric@karrfalt.net
0 votes Thank Flag Link Wed Sep 16, 2009
I now better understand your take. Can I be of help to be your local set of eyes and ears here in the area to follow up on listings before you put a lot of leg work into something? it is unfortuante that these types of things are taking place in our industry. Makes us all look bad.
0 votes Thank Flag Link Wed Sep 16, 2009
Thank you. We are 12 hours away from these listings and have to have to depend on others to look sometimes hiring them and this all takes time. We spent 8 days and evenings on this one listing, looking everything up and looking into prior sales, crimes, and schools. We just thought if the agents were not going to pull it off then we would advise. No harm intended
0 votes Thank Flag Link Wed Sep 16, 2009
Justus, I agree with you...It is up to the agent to immediately change status from active to pending to sold, as Jayne also indicates. The agent is in charge of Trulia input. It is very frustrating to agents as well as buyers.
0 votes Thank Flag Link Wed Sep 16, 2009
I have no goal, I started out on this site only to warn that they need to pull this ad if for any other reason this house is not active and has not been since last Friday. The home is sold. Also they may not want to be a part of what we feel is going on, so we gave them a little info. That is when the man started defending the broker and agent. Since I used trulia to get my info I just thought I would be nice to give a heads up. Should be pulled since sold . It is not as if this is a enforcement agency only a listing company and if the home is sold and they have it as active they are wasting everyones time. But it has been attack the messenger.
0 votes Thank Flag Link Wed Sep 16, 2009
Justus,
Ultimately, what is your goal here?
Chris Castetter
0 votes Thank Flag Link Wed Sep 16, 2009
By all means, YES. When a listing goes under Contract, the listing agent should mark it as "pending", as soon as the Contract is fully executed (when both parties have signed and intialled all agreed-upon points). As soon as the property closes, it should be shown as "Sold".

It is very disheartening for a Buyer's Agent to show property to folks, where they fall in love with a place, only to find out it is not available (but not shown as "under Contract" or "Sold" on the MLS).

Jayne Sommer
Catch & Release Properties, LLC
0 votes Thank Flag Link Wed Sep 16, 2009
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