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Jennifer, Home Buyer in East Saint Louis, IL

what does exspired mean on a house that is no longer on a realtors list?

Asked by Jennifer, East Saint Louis, IL Mon Sep 10, 2007

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Jennifer
You may find it interesting to know that in order for a contract to be legally binding, it needs a termination date and a beginning date.
When a contract reaches the termination date, it is said to have "expired".

Incidentally, there are a few other terms that might be of interest to you regarding listings.
1. Withdrawn - when a listing is withdrawn the owner of the home elects to remove the home from showing, however the listing contract is still in force. Realtors are prohited from soliciting the seller to re-list the property.
2. Hold - When a property is an active listing, it can be placed on HOLD, meaning it is temporarily off the market. Typcially this can be around the holidays, however it can be for any reason.
3. Cancelled - When a listing is cancelled it there is no contract between the listing agent and the seller and the listing is no longer available for showing.

Hope this is helpful.
Keith
0 votes Thank Flag Link Mon Sep 10, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Technically, it means the contract is over, practically, it means that the buyers rejected it. This could be because of condition or price! Unless the contract length was very short say 30 days, it may have expired because it was over priced and the buyers would not pay that price, or the condition was poor and needed more work than buyers were willing to put into a home. In most cases it is overpriced.
Web Reference: http://carriecrowell.com
1 vote Thank Flag Link Mon Sep 10, 2007
Expired means that the listing period is over. When a seller enters into a listing agreement for the sale of the house, the listing agreement is good for a specified period of time. If the house does not sell during that time period, the listing expires. The agent may be entitled to compensation after the listing period if certain conditions are met (e.g., the seller enters into a contract for the sale of the home within a time specified in the listing agreement and the agent had shown the home to the buyer). After the listing expires the seller may either renew the listing with the same brokerage or list with another brokerage.
Web Reference: http://www.go2kw.com
1 vote Thank Flag Link Mon Sep 10, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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Typically - expired means the contract between brokerage and seller has ended. This is not necessarily to mean the contract has not been re-instated with the same agency or another.

If you have a home you are interested in - an agent can easily find out if the house is still "technically" on the market.
1 vote Thank Flag Link Mon Sep 10, 2007
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