Janet, Home Buyer in Jackson, NJ

can anybody tell me why my sellers realtor wont put the house im buying under contract when it really is and is this legal when she told me herself?

Asked by Janet, Jackson, NJ Sat May 22, 2010

seller not putting house under contract when it really is

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Janet,

According to the Monmouth County MLS rules (assuming that you are referring to a property in Jackson), a selling realtor is required to place a property that is "out oif attonrney revview" as "under contract" within 48 hours of receipt of the the "official" attorrmey review letter that states . . . we are out of review".

If this is the case, I would pressure your buyers agent to ensure that the sellers agent do so. Having said that be aware that it often takes 25 to 48 hours for various internet portals to pick up on the "under contract" status.

The only exception to this rule that I have found is with with short sales as there appears to be some confusion amongst Realtors as to whether they are required to place a short sale property "uinder contract" when a seller and buyer agree. . . . most recently the Monmouth County MLS has added a featture to indicate ta property remains "available to show" for backup offers only.

Sincerely,
Francesca, ePro, SRES
Coldwell Banker
Francesca@PatrizioRE,com
732.606.2931 (24/7)
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Mon May 24, 2010
Janet - do you have an agent? Doesn't sound like it if you are asking this question on Trulia.

Not sure who is representing you, but why not ask the seller's agent (or your attorney if you have one) why the home isn't listed as under contract.
The multiple listing service in your area sets up how homes under contract should be handled.

Some questions, though.................

Is the attorney review over?
Are the inspections completed?
is there any verbiage in the contract allowing the sellers to keep marketing their home for some reason?
Is this purchase subject to the sale of any property you own?
Are there any special contingencies in the contract?

Since you don't appear to have an agent who can answer this for you.............the only thing you can do is ask directly.....call the seller's agent.......... or, better yet, cal the Broker and ask!

Good luck...........
0 votes Thank Flag Link Sat May 22, 2010
Hi,

Legally, no once can prevent a property owner from showing his/her property to another prospective buyer for back up purposes. A property owner has the right to allow access to his/her home to whomever he/she chooses. It's rare that sellers do that...very rare.

However, reporting a property as "under contract" is a guideline established by the local MLS. If the property is under contract and not reported, it may be in violation of MLS rules. Do you have a contingency to sell another property in order to make this purchase? If so, it might be reported as under contract, but continue to show.

Is this new construction? Does the builder have other properties? Are they trying to show this property as a model for other projects?

Just a few speculations......I have not idea what the reasons might be...or whether they are acceptable reasons or a violation of MLS rules.
0 votes Thank Flag Link Sat May 22, 2010
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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