Home Buying in Miami>Question Details

Seth, Home Buyer in 33178

Why won't realtors show "under contract" or "pending sale" ASAP??

Asked by Seth, 33178 Fri Jan 22, 2010

I'm tired of driving by available properties and then getting disappointed when my realtor calls for a showing and is told there is already a contract. Sometimes, there is already an offer and an back-up offer, so there should be some indication of that as well. I'm very frustrated after having this problem 7-8 times!

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Well, Seth, it has to do with human nature, and a very real responsibility to Sellers.

The human nature is, listing agents do not serve the general public, they serve their seller. So if you have to call from outside a property, the listing agent doesn't much care about your inconvenience. That's one thing.

Secondly. There are various stages of being "under contract," and MLSes have specific rules about how to categorize them. Generally, as layers of contingencies are satisfied, the stages change.

Here in Sunny Seattle, we may be "under contract," but none of the buyer's contingencies have been satisfied. Pending Inspection is an MLS category, and listing agents will not put a notice up on the yard sign, because, well, it's still worth having Seth call in on the property.

The financing contingency is one that isn't totally within the buyer's control, but when that's the only remaining contingency, then we'll call it, "Pending" and the buyer's agent can put a "Sold" strip up on the sign. The logic here is that the buyer's satisfied, and it's now pretty much up to third party approval.

That's the story.
1 vote Thank Flag Link Fri Jan 22, 2010
3/10/2012
Our offer was accepted approximately 10 days ago here in the Seattle area. by the sellers now we are waiting for B of A to approve the offer. The listing agent will not change the status to pending on the MLS. This is making us very uncomfortable. She says she is not taking other offers. What can we do as buyers to make her change the status to pending or pending short sale? We are contemplating filing a greivence with the Real Estate Commission? Do you have any suggestions? I am also going to pose this as a question on this board.
Thank You
Flag Thu Mar 22, 2012
We show properties under contract or pending as soon as the contract is approved by the Sales Manager. We believe that this shows activity in a community and shows potential buyers and agents that people want to be in the community. Sometimes then listing agency had delays in closing out the listing after closing and posting the final sales price, concessions, etc. - but we are diligent in getting the statuses changes as quickly as we can! We do not want agents showing our homes to be frustrated with us because of this and not show our homes. Good luck finding the home of your dreams in Miami!!
0 votes Thank Flag Link Fri Jan 29, 2010
Seth-

The situation that you are experiencing is something that we, as agents go through as well. The MLS- is only as good, accurate, and current as the people that enter the data.

We, myself included- often DO NOT update the actual status of a listed property- especially when it is a short-sale. The reasons are many- but most important is that these deals take a long time to get approvals- price approved, seller approved, BPO, etc.

In the case of a short sale- the buyer can easily walk away from the deal- when the seller/lender is under the impression that they have a ready, willing and able buyer. The buyer may have been ready- 3 months ago- but has had a change of heart- for whatever reason.

I continue showing property that is tentative or pending- in order to get a back-up contract. Deals do fall aprt from time to time- sellers, buyers, lenders- there are too many ways that a deal falls apart- best to have another option.

The signs could be updated with a rider; eg. Pending Inspections, Pending 3rd Party Approval, etc.

♥.•*¨`*•♫.
≈≈≈ Mott Marvin Kornicki, REALTOR® ≈≈≈
Aventura | Bal Harbour | Sunny Isles Beach
≈≈≈≈≈≈ "★”This is the House “★" ≈≈≈≈≈≈
0 votes Thank Flag Link Fri Jan 29, 2010
Seth, MLSes all have different rules. Here in the Great Pacific Northwest - as an aside, why do Canadians refer to Vancouver as being in the Pacific Northwest? - here in the Northwest Multiple Listing Service, we do change our statuses pretty quickly. The best way for a browser to find properties is to go to a site with an IDX feed, and take it from there. Redfin is extremely popular here, getting something like 200,000 page views a day or so. They have cool maps . . . this may not be helping you.

So, Seth! I think you should ask your agent what the best site(s) for viewing homes are in Miami.

Happy househunting!
0 votes Thank Flag Link Sat Jan 23, 2010
In alabama when the status of a property changes ex. Pending, Contingient it is stated on our MLS are you working with a buyers agent. A selling agent will keep that sign in the yard for as long as they can, baiting you if you bit once they will try and move you to look into another property and get paid as your buyers agent. You need a new realtor if she cant look up on MLS and tell if a property is listed as pending, there is a little report abuse button on ours where we can report a listing agent for not posting the correct status of a property (may be different in your area).
0 votes Thank Flag Link Fri Jan 22, 2010
Thanks Don and Mack. Good point that the brokers represent the sellers, not me. I also wasn't clear as to my process --- I do not call from outside the properties and expect immediate feedback.
Instead, I find properties on Trulia via new listings and recent reductions searches. Then I check to see if they are still in realtor.com, and if so, send the MLS#s to my realtor. I ask him to send me the listings for the ones that are still active. Then I drive by them. If I like them, then I ask him to set up a showing. It's at that point that I often here they have an offer and backup offer already, and aren't taking backups. I can see why the sign should still be posted, but an agent should have superior info to a sign, and if the listing showed "Pending Inspection" or "Under Contract", then I wouldn't bother to drive by the house!
Should I instead ask my agent to call for all of the listings I find before I drive by the outside? That's more work for everyone, especially my agent, because here in Miami, it seems to take several calls to get a response, if any. I thought I was being more efficient by driving by the properties before asking him to call the realtor for showing instructions.
Do you recommend I change my process?
0 votes Thank Flag Link Fri Jan 22, 2010
Yes, but where would you like that indication? Your Realtor certainly has access to it in the MLS. If you're finding the properties by driving around, as you've found that isn't always the best method. Your Realtor can set up an automated search on the MLS to notify you immediately when any new property meeting your specifications hits the market. So you'll know immediately--not a couple of days or more later.

Also, the listing agent has a responsibility to continue to market the property unless instructed otherwise by his/her client. It has to be marketed properly, of course--but the MLS should show an accurate status of the property.

If you've had that problem 7-8 times, then definitely talk to your Realtor. As I said, an immediate e-mail notification may be part of the answer. Perhaps broadening your search would help. But talk to your Realtor--he/she certainly would like to earn a commission on a sale, too!

Good luck.
0 votes Thank Flag Link Fri Jan 22, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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