I'm speaking from recent experience a first contract fell through in the inspection period, but I had negotiated a back-up contract and my client was able to clos.
In this market, as JR and Naima have pointed out, a listing agent wants to try and obtain as many potential Buyers of the home as possible - you may be well qualified and have every intention of closing on the home but the Seller has heard many horror stories about Buyers who were unable to qualify for the financing - in some instances, the seller did not know that until the last minute.
The "active" status in the MLS is a function of what the MLS allows - in my MLS, I have to place a home that has a contract on it in "under contract accepting back-ups" so I am not allowed to keep the home in "active" status - however, that is a local decision - your agent can probably guide you about this issue. If you notice the home is still active on a web site you are using to search for homes, that may simply be a timing issue - many web sites do not "refresh" constantly so if the home just went "under contract" over the weekend, it may take 1-3 days to be current. Assuming you intend to follow through with the purchase, your contract will stay at the front of the line. I hope the rest of the process goes smoothly for you.
As for it showing as "Active" on the MLS, the listing agent isn't doing their job ethically and I would recommend (no urge) having your agent report it to the proper MLS. This has been one of those annoying things that agents are doing in today's market. It should be under "Back-Up" Offer or "Pending".
Congratulations on your new home!
They are all correct. I myself hold open houses until it gets into escrow and the deposit check has cleared. In today's market, obtaining on offer and agreeing to terms doesn't constitute a guarantee that it will actually close. Plus, as agents we put a ton of time and money into advertising open houses and to cancel it isn't wise.
All the best on your escrow and congratulations!
Robert M. van der Goes
I always wonder why realtors dont take back up offers, as soon as they get offer #1, they wont take a back up offer. Buyers change their mind all of the time, deals fall apart. Buyers have been known to write on more than one listing. When a listing broker continues to market a home it holds the buyers feet to the fire in an otherwise buyers market. Great job listing agent.
I heard a conversation the other day, almost a threat from a buyer to a broker suggesting that the broker drop the price of the home $5k or the buyer would walk. When the seller continues to market they would not be concerned about statements like that.
Realtor - Legal Assistant
Harrison K. Long, Explore group properties, Coldwell Banker Previews.
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That's why it's important both sides sign the contract ASAP. I have had one of my listings tied up between 2 buyers, with contracts out to both, and back and forth engineer inspection discussions. We've been steadily showing the house. I'm confident if another offer came in that didn't have these contingencies the seller would take it. As it is, the one that signs first is going to get it.
I continue to do open houses even with an accepted offer until contingencies have been removed. I am being responsible to my seller by doing this and, quite frankly, I am picking up more clients along the way by having open houses.
If you have an accepted offer you shouldn't worry about more open houses. I'm sure you are already feeling possessive and don't want anyone else to come along and spoil what is yours. But you needn't worry!