Home Selling in California>Question Details

Norm, Home Seller in California

What is the difference between taking your property "temporary off the market" or canceling your listing contract then putting it back up?

Asked by Norm, California Wed Oct 28, 2009

at a later.

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Hi Norm,

If you put tempory off the market your home meaning you are still bound to the
listing agreemnt you signed, let say you had 6 months period. But when
you cancel the listing agreement within that period let you a 6 months period
and the broker give you a cancellation meaning your are not obligated to pay him
any thing at all. Temporary off and cancellation almost the same only the
only difference is you are liable to the agent when you sell the property if
you put temporary off the market, while the cancellation you are not liable
assuming that the agent cancel the listing with agreement between parties.
0 votes Thank Flag Link Thu Oct 29, 2009
One word of caution...a listing that is on the market, off the market, etc. creates question and uncertainty within the marketplace. It is highly beneficial to 'advertise' your reasoning with a positive spin, for example:
"this seller just spent 30 days making their home like new just for you!". Get as cheesy as you want with it; you'll get more (good) attention that way.

Kim

Disclaimer: I am a licensed real estate broker and property/casualty insurance agent in the State of Ohio, providing information and sharing experiences acquired over 15 years in the industries. I do not profess to be qualified to give advice in any other field, though will share opinions and information obtained during my course of work. It is always highly recommended that consumers seek counsel from a specialist in each area in which there is a question or concern.
0 votes Thank Flag Link Thu Oct 29, 2009
In our market, placing a home as Temporarily Off Market means the agreement is still effective but the home is not being made available for showings. Terminating the listing agreement typically means the listing agreement is no longer effective and the obligations (or most of them) of the parties have ceased.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Thu Oct 29, 2009
Taking your property off the market temporarily suggests that you're taking a break -- maybe to do some repairs, or go on vacation, etc. When you put it back on the market, it won't appear as new.

Cancelling your listing can also mean you're cancelling your listing with your current realtor, and then getting a new listing agreement with another realtor.

Depending on your MLS, sometimes, cancelling the listing and then waiting 30 days before re-listing and putting it up for sale may classify it as a "new" listing. Another way to "refresh" the listing so that it shows up on hot sheets on various sites and hopefully catch the attention of buyers and sellers who weren't looking for this kind of property when it first came on the market.

However, we as realtors, can get a history of when it was listed, who listed it, how long it was listed, for how much, and if you had gone through price reductions.

Nonetheless, when the listing is re-freshed, it shows up on various websites as NEW. So you buy a bit of attention and get almost a new "life" for your listing.
0 votes Thank Flag Link Wed Oct 28, 2009
Here in my local MLS, if you list it as temporarily off the market, an agent can still search for it if they have it selected. Just means the owners might not be able to show it or maybe it is under going a renovation that is almost done or something of that nature.

To remove it from the market it will show up as not for sale. Also by removing it from the market and putting it back up, this can sometimes change the DOM or days on market which is shown to the realtors looking at your property.

Realtors like to do this to try and freshen up an old listing. But a seasoned realtor worth their salt will pull the public records on the property to find out all the correct info and previous MLS sheets will be there.

Hope this cleared it up for you.

If not you can always email me at sean.dawes@lnf.com
0 votes Thank Flag Link Wed Oct 28, 2009
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