Home Buying in Coto de Caza>Question Details

Jackie77, Home Buyer in Boston, MA

Why is the house we put offer on still listed as active?

Asked by Jackie77, Boston, MA Tue Jul 7, 2009

My b/f and I put an offer on a house and it was accepted by the sellers. We all signed the p@s last week. I was wondering why the house is still listed as active on MLS. Shouldn't it say that it's under agreement?

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Answers

6
Hi Jackie,

Doesn't your agent have an answer for you? I personally keep a property on "active" until the deposit check has been recieved and then put it on "back-up" until the contingencies are removed when it is changed to "pending."

I'm concerned that you are needing to find your answers on a public forum rather than by talking to your agent! I would call him/her and if you are not getting the answers that make sense.....call their broker.

Karen
2 votes Thank Flag Link Wed Jul 8, 2009
Here it is 10 days later and Jackie77 never did come back to fill in more information.

It would be nice if more people who ask questions eventually come back with a report, whether it is good news, bad news, or at least some additional details.
0 votes Thank Flag Link Fri Jul 17, 2009
Jackie are you sure that escrow was opened. A short sale can be signed by the seller but until the bank excepts your offer it is still an "active listing". You didn't say which type of listing is was and I am just looking for possible answers for you.Having been a broker in MA years ago, I know thing are done differently here. Have your agent find out what is going on.
Valorie
0 votes Thank Flag Link Fri Jul 17, 2009
Hi Jackie,

The answer could be a number of different issues. Is the house a short sale or an REO? ( Lender repo.)
Or, is it an equity sale? Did you deal with the listing agent, as your representative? Some agents leave the property showing as "A" ( Active, or available.) until all contingencies have been removed. They're not supposed to, but some agents do push the envelope.

I'm sorry I couldn't give you a more definitive answer, but as you might surmise from my questions, there are quite a number of scenarios.

It sounds as though the listing agent should have reported to the MLS as a status "B", leaving it open for backup offers only. Good luck in finding answers, and with your purchase.
0 votes Thank Flag Link Tue Jul 7, 2009
In NY when an offer is accepted and contracts are signed the Real Estate Board usually require within 24 hours for the home statue to be changed to either Conditional Contract or Pending..... however different states may have different regulations... perhaps a Boston broker can chime in.... We actually have several shops opening up in the Boston area in the next year.... Good luck, I'll be interested myself in other answers to this... Jon
0 votes Thank Flag Link Tue Jul 7, 2009
Hi Jackie,

Generally, when an offer is accepted and/or when escrow has opened, the listing should be placed in "Backup Status" by the listing agent. Once all of the transaction contingencies have been removed, the listing agent changes the status to "Pending." While the property is in "Backup Status," it is common for the listing agent to continue holding Open Houses and other agents are allowed to continue showing the property. This is done so that if the property were to "fall out" of escrow; the owner of the property will hopefully have other interested parties who might step forward and open escrow with the intent to purchase the property.

I would suggest you ask your agent to check with the other agent (assuming it is not the same agent serving in a dual capacity, and suggest they change the MLS to reflect the correct status. It should be a quick fix. Good luck and best wishes for a successful escrow! Kay DeRight, Realtor®, Lic. # 01354750
Evergreen Realty & Assoc., Inc.
9901 Irvine Center Drive
Irvine, CA 92618
Cell: 949.929.3848
Office: 949.559.4123
Fax: 949.387.3997
Email: kayderight@cox.net
Web Reference: http://www.kayderight.com
0 votes Thank Flag Link Tue Jul 7, 2009
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