Home Buying in El Paso>Question Details

123jmt, Home Buyer in El Paso, TX

Why is the home/address that I am under contract to purchase listed as for sale? Is this standard procedure?

Asked by 123jmt, El Paso, TX Wed Oct 12, 2011

approved, earnest money given, picked colors, change order submitted. just waiting for home to be built. Should i be concerned?

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Answers

4
A few questions may help me answer this mre directly and accuratel.
1) Is this a new construction home? There contracts are often specific and may allow for them to continue to market the property until sold.
2) Are you represented by a Buyer's agent or not? If not, have you inquired to the listing agent yet?

I used to be licensed in Texas (though I am not currently and things may have changed), and when a contract was in various stages of pending, it would show status such as "active option", or "active pending" etc. Until a deal closes, other buyers can get into second position, so that if your deal doesn't close, they will be in a backup contract position.

This could also be due to a mistake/ oversight by the listing agent in which case a quick phone call or meial may address it being chnaged to the proper status.

Hope this helps!
1 vote Thank Flag Link Wed Oct 12, 2011
Homes are typically listed as ACTIVE until they are close to closing. In Hawaii, after we have an accepted contract, the status is changed to "CONTINUE TO SHOW" which lets the public know that there is an accepted offer, that the property is "in escrow", however the property is still being shown for back-up offers. When it gets extremely close to closing and most contingencies have been met (especially the financing contingency), then the status changes to "PENDING". That usually means it is less than two weeks from closing- or that the Listing Agent feels like it's a solid deal and they don't need a back-up. With a cash deal, it can go to PENDING much more quickly. For short sales, it's even more confusing. Even though a contract has been accepted by the seller, it's subject to Lender approval, so in actuality there is not an accepted contract until there is Lender approval. In that case, it may stay on as ACTIVE or "For Sale" even longer.

Since yours is a new home in the process of being built, the sales office may be using your home's advertisement as an example of homes available. Or, it could be as mentioned above, they may wait until it gets a lot closer to closing before changing the status. For best peace of mind, call the sales office and ask them. My guess is that you do NOT need to be worried. ~Congratulations! Aloha~
1 vote Thank Flag Link Wed Oct 12, 2011
seller can always take back-up buyers or use the property to drawn in buyers for other homes.
0 votes Thank Flag Link Thu Dec 8, 2011
Thank you. Both of your responses helped ease my mind. This is new construction and I think it does have something to do with the listing/buyers agent issue. Have a great day!
0 votes Thank Flag Link Thu Oct 13, 2011
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