Home Buying in Glastonbury>Question Details

Kerin Smollen, Home Buyer in East Hartford, CT

There's a house I like in Glastonbury - but it says "under deposit - continue to show". I am really not in a position to get in a

Asked by Kerin Smollen, East Hartford, CT Sat Oct 31, 2009

bidding war - should I bother even looking? What does that mean exactly? Thanks!

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5
Kerin,

Your first two tasks, as my colleagues have mentioned, are to be pre-approved for a mortgage and to find a strong, experienced real estate agent to represent you. Once you have accomplished those steps, it is fine to look at homes in "Under Deposit-Continue to Show status." When my clients ask about homes in this status, I offer to contact the listing agent to inquire about the home. Sometimes we learn that everything looks very strong and cross that home off the list. Other times, we learn that the transaction is crumbling and end up with advance notice that the property is coming back on the market!
0 votes Thank Flag Link Wed Feb 10, 2010
Hi Kerin,
If a home is listed as "under depost, continue to show" you can certainly look at it, but what it means is an offer has already been accepted, and they are working towards a closing. I would concentrate on homes that are listed as "active." If you haven't been pre-approved, you should do that soon, find a realtor you like, and find the home that's perfect for you! While looking, you can keep the "under deposit" home in mind, and if something happens, and it goes back as "active" you can always check it out. I'm in Glastonbury at Executive Real Estate if I can be of any further help. Hope this helps!
0 votes Thank Flag Link Thu Nov 5, 2009
Kerin,

All of these answers are good advice, for a home that is under deposit, continue to show. We can show homes, right up to the actual closing date, if the buyer insists and the seller allows it. My suggestion to you would be, to get yourself pre-approved,. If the opportunity is offered to you, you are ready to go! If anything does happen that the purchase is stopped, you will need to be in the ready to buy position. Good luck on your home search, it's a good time to buy!
0 votes Thank Flag Link Sat Oct 31, 2009
Hi Kerin,

Marielle before me said it well.
To add to that....
Show Status allows for prospective buyers to continue to go into the house and decide if they would like to submit a back-up offer, or be prepared to make an offer if the 'contract with contingencies' falls through for whatever reason and the house comes back to the market.
Show Status does not mean there has been, is, or will be a "bidding war".
You can safely submit a back-up offer that is comfortable for you and may be attractive to the homeowner should the first contract not materialize.

Has this been helpful to you?

My office is in the center of Glastonbury and I am a Realtor with Coldwell Banker Residential Brokerage.
If I can be of help to you, I would be glad to go to work for you and help you find, succesfully negotiate, and see you through the entire home buying process from beginning to closing.

Ralph Ovalle
Web Reference: http://www.RalphOvalle.com
0 votes Thank Flag Link Sat Oct 31, 2009
That means that someone has put a deposit on the property with contingencies. We don't know what those are, however, usually a mortgage and an inspection. During the contingency period the house may continue to be shown for back up offers if that is what the sellers want until all contingencies are met. Once that happens the house gets moved from Show status to Under Deposit.
0 votes Thank Flag Link Sat Oct 31, 2009
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