Home Buying in Hillsborough>Question Details

Njbuyer, Home Buyer in Hillsborough, NJ

When should the status of the house I am buying change on MLS?

Asked by Njbuyer, Hillsborough, NJ Sat Jul 18, 2009

I am located in NJ where you must go through attorney review. I just completed attorney review yesterday where we agreed to allow the sellers accept back up offers only because the sale is contingent upon the successful closing of my current home. My current home is under contract and has had inspections completed. I have strong buyers and am a strong buyer myself. Now, the seller's agent has NOT changed the status of the house I am buying on the MLS. It is still marked as ACTIVE and when I called the office acting interested in the house they told me the house is AVAILABLE. My agent is working on this but I can't help but to wonder what the seller's agent is up to. From the beginning she has been very shady and difficult to work with. Now that we are OUT of attorney review doesn't she have to change the status? What are the rules here?

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Answers

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Hello!
GSMLS and NJMLS rule: status must be change to "under contract" in 24 hours after attorney review is finished.
Bellow is a paragraph from GSMLS rules:
Section 1.13 LISTING STATUS
Any listing placed with the Service shall be considered active and available for showing in accord
with the terms of the listing agreement. In the event an active listing is not going to be available for
showing in accord with the terms of the listing agreement, the listing broker should obtain a written
agreement from the property owner amending the terms of the listing agreement or temporarily taking the
listing off the market (whichever is appropriate) and submit notice of this change to the Service in accord
with these Rules and Regulations.
Any listing subject to an executed contract or lease that is still pending attorney review shall still
be deemed active and available for showing in accord with the terms of the listing agreement. A listing
broker has the option, but is not required, to identify any such listing as ARIP (Attorney Review In
Progress) in the MLS system. To the extent there is going to be any change in the availability of such a
listing during the attorney review period, the listing broker must follow the procedure set forth above
regarding changes in availability.
A listing shall be deemed under contract (also referenced herein as pending) when it is subject to
an executed contract or lease that is pending and in effect, and which has survived attorney review if it
was subject to such review. A listing that is under contract shall be reinstated as an active listing in the
event the contract is cancelled.
A listing shall be deemed sold or leased upon transfer of title or the lease taking effect.

I THINK: 1) a listing agent must have a written direction from the seller to keep status "active" or "attorney review".
2) this must be in contract before it was executed: I mean that it said that house will be still shown and if another offer will come without contingency you will have right to waive your contingency or seller will accept another offer. Was it discussed with you during negotiation or at least during an attorney reiview?
YOU MUST AGREE WITH THIS. AND THIS STATEMENT MUST BE IN CONTRACT.
If there is no such additional contractual provision, the seller's agent is not rignt, and your Realtor should contact the seller's office manager or broker of record, and your attorney should be involved as well.
Again, all this must be discussed before you went in to contract.
Yelena Tsuladze
Broker/Owner
ADVANCED REALTY GROUP
973-843-0053
0 votes Thank Flag Link Sat Jul 18, 2009
If you still have a home-sale contingency on your purchase, the seller's agent should have marked it A+ with a notation in the remarks that they are under contract but are still showing. If they receive an offer while you still have your home sale contingency, you will have the option to drop the contingency at that time to keep the contract going and get it officially UC. So technically it is still available as long as everyone has agreed that they will continue to show the property. This should have been explained during attorney review. If you don't like this, then you will either need to drop the contingency or hope that another doesn't come in that's better than yours. I'm assuming that your offer on your home is not contingent on any sale? If it is, then you have the same rights - The Sellers agent works for the seller and has a fiduciary responsibility to get that home sold. If there is any chance that you won't be buying it (contingency) then they need to continue to market it until all the risks are gone. Hope this helps :)

Lynn Dachisen
Keller Williams Towne Square Realty
http://www.WarrenNJBestPlaceToLive.com
specializing in warren new jersey real estate and surrounding areas
0 votes Thank Flag Link Sat Jul 18, 2009
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