Home Selling in 11789>Question Details

Barbara Sand…, Home Seller in 18324

If a house is in full contract then why is it left on the market as a real estate ploy?

Asked by Barbara Sandberg, 18324 Tue Feb 23, 2010

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A lot depends on the rules of the multiple listing system (MLS) the house is listed with. For the most part, when a house is "under contract" it no long appears "live" to the general public on MLS or uploaded sites like Trulia. If an agent fails to change the status of a listing, she may be in violation of the rules and can face a fine.
1 vote Thank Flag Link Tue Feb 23, 2010
Barbara
When you buy a home there is a period of time when you conducting your inspections, referred to as the "contingency period". During that time the MLS rules normally allow the property to have a status known as "Back Up Offers" or something similar.

If after the inspections you opt not to buy the property, the seller is not a square one. While you were inspecting the seller continues to accept "back up offers" in case you back out.

Once the contingencies are removed, you as the buyer are locked in to the purchase, the seller is committed, the property should be listed as "Pending", meaning that no more offers are being solicited or accepted. Only in rare circumstances will a Pending property come "back on the market".

If you think that a Realtor is not following the MLS rules (which vary by association), I would complain to the local association of Realtors. See the link below to find out more.
Web Reference: http://www.nysar.com/
0 votes Thank Flag Link Wed Feb 24, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Uh, Meredith, I think you answered the wrong question......this isn't the FISBO question.....
0 votes Thank Flag Link Wed Feb 24, 2010
In reviewing your real estate journey since 2007 it looks like a struggle to get your property business needs accomplished. A For Sale By Owner property is a challenge in the best of times - and these aren't the best of times. As for Suffolk County, there's more below.

My sincere advice is to find one, full time, productive agent who people use repeatedly and the you TRUST - and let them do all the work for you - they will find you a reputable agent in the area you seek to purchase, and take care of you like you're one of the family - the good side. They'll save you money, time and energy.

In the lower end price range, in Suffolk, say, Rocky Point, at this moment in time, you need to have everything ready to go - the pre-approval, and all the documents. If you are working with only one agent, you'll trust them to know what's best. If they tell you "this is the one" - step up to the plate - and you won't miss out.

There are some bad apples in the agent basket - and I'm very sorry if you've had some horrible experience. Most FULL TIME agents are not only functional, they will save you money and aggravation and time.

I wish you the very best of luck in whatever you're trying to do!
Sincerely, Meredith Kurz
0 votes Thank Flag Link Tue Feb 23, 2010
In NY, we only have available, under contract (the consumer can no longer see it on the MLS) and closed.

Perhaps the listing agent forgot to complete the paperwork. I suggest you call the listing agent and ask them why it is still appearing as available.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Tue Feb 23, 2010
When you say full contract, has it been signed by both the buyer and the seller, and has the down payment money on contract been given to the seller's attorney to hold in escrow? If so, the agent should have changed the listing to say UC, for under contract, on MLS. If it is, for some reason, still listed as being active in Trulia, it could just be because the agent forgot that she listed it on Trulia.
0 votes Thank Flag Link Tue Feb 23, 2010
Your question is a good one and one that is commonly seen on Trulia.

There are three classifications for property that is currently listed on the multiple listing service: active, pending and sold.

For a property to transition from active to "pending" on the MLS it is commonly expected that all contingencies associated with the purchase contract are satisfied...financing, inspection, survey, etc.

Additionally, a property's status does not change to "sold" until the formal closing takes place and the property is officially recorded in the name of the new owner.

Hope this is helpful.
0 votes Thank Flag Link Tue Feb 23, 2010
A real estate transaction is never over till the sellers money is in the bank! - as a realtor it is our responsibility to stick with marketing the property until this time.
0 votes Thank Flag Link Tue Feb 23, 2010
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