How long does it take or should it take an agent to update a listing? Ours is still listed as acting even though its been under agreement

Asked by Rita Vazquez-Torres, Hudson, MA Fri Nov 4, 2011

And all financing has been approved. Closing is in 26 days. I'm just SO concerned about this agent. No, my agent is not going to report her. I don't think agents like to "report" other agents and I hear a lot of excuses made for what we consider very poor performance. THANKS!

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Kevin Vitali, Agent, Tewksbury, MA
Fri Nov 4, 2011
BEST ANSWER
Rita- At the end of the day you should have a legal and binding contract that cannot be broken, irregardless of the status in the MLS.

As a buyers agent for my buyer I would insist that it be updated to under agreement. By the rules of the MLS 24 hours should be a reasonable period..

At the end of the day is it annoying? Yes!! Will it hinder your sale? No!!

Like I said you should have a legal and binding contract that the seller cannot break. Be more concerned about meeting your contingencies in the contract.
1 vote
Kevin Vitali, Agent, Tewksbury, MA
Wed Nov 9, 2011
Rita- Just out of curiosity I did look at the listing.... The listing was put active showing for back up on September 30th 2011. Meaning you are notifying the public there is an accepted offer but they are welcome to put in a back up offer. Some indication of an offer should have been made with 24 hours or so of acceptance.

They can keep that status in place until the day it closes, including allowing showings and open houses.
1 vote
Kevin Vitali, Agent, Tewksbury, MA
Fri Nov 4, 2011
Ron- Just wanted to point out to be a participant in the Massachusetts MLS you agree to remove the property from active with-in 24 hours of an accepted contract. The listing agent is violating the rules of the MLS and risks losing their MLS privileges.

Also in Massachusetts even our "offer" or what we call a Contract to Purchase is a legal and binding contract. You can legally close on a Contract to Purchase in the state of Massachusetts without signing a PS.
1 vote
Alexis Rascio, Agent, New York, NY
Fri Nov 4, 2011
Hi Rita, I understand that frustration and unfortunately the listing statuses are only as accurate as the brokers who are responsible for updating them! There are regulations around when a new listing must be entered into the system but not so much around when a status should be changed from active to 'under contract' and technically the listing agent can continue to show the property up until closing time however I wouldn't get too concerned about losing the property. You're well on your way to becoming a home owner and the should the seller back out at this stage there's likely to be costly repurcussions! Congrats and Good Luck!
1 vote
matthew hars, Agent, New York, NY
Fri Dec 16, 2011
Property falls out of contract all the time. It is always good to get back up offers. I'd rather be safe than sorry.
0 votes
joe, Home Buyer, Hudson, MA
Sat Nov 26, 2011
To add to my partners concern, the fact that the property was not consistently listed, it created a problem for the USAA insurance agent - they found home description discrepancies - 4 times - 4 different square feet, which made it very difficult to quote insurance cost. This confirms the experience of a colleague who had an interest in the property not knowing we had put an offer on the property. He noted in one site, listed as 3800, and 3000 in another. He stated the agent told him it was 3800, and when questioned, she stated that it was 3000... What a mess!
0 votes
Territory.c…, Agent, MA,
Fri Nov 11, 2011
If you did not agree in advance to having the agent flag your house as active for back up offers than tell her to remove it from the mls. unfortunately your agent might be using your listing as a bait and switch tactic to get herself additional clients. A lot of listing agents use attractive listings to bring in more business. Your house is her advertisement. Simply tell her to change the listing as under agreement rather than flagged active.

If you are concerned about this agent you should definitely get yourself an exclusive buyers agent when its time for you to find a new home.

Good luck!
Web Reference:  http://territory.com/
0 votes
Kevin Vitali, Agent, Tewksbury, MA
Fri Nov 4, 2011
Sorry Rita you are having such a hard time. One clause I see many real estate attorneys put into the PS is that the buyer shall have reasonable access with notice to the property. It is usually a good idea to have an attorney review the purchase and sale and make sure that clause is incorporated into the purchase and sale.
0 votes
Rita Vazquez…, Both Buyer And Seller, Hudson, MA
Fri Nov 4, 2011
Also, the house has been empty since April, so we drove by it after the storm and took pictures. We were told by my agent that the sellers agent stated that the owners did not want us near the property until closing. Yet, they would have never known the extent of the damage as quickly if we had not gone by - part of our contingencies is that the house will be in the conditions we signed for it at closing. My agent told me we were trespassing. So I consulted the town law enforcement and others. It is not considered trespassing if it is not posted as such, AND if there is a for sale sign on the front without any further caveats ANYONE can drive up to it, get out of their car and check it out. So the house is "ON THE MARKET" up to closing, ANYONE can come see it, but she does not want us there. The attorneys will NOT put that in writing as it would go against the P&S. Again, I'm very suspicious, and needless to say I will not use that company ever again (I love my broker, but she works for the same company)
0 votes
Rita Vazquez…, Both Buyer And Seller, Hudson, MA
Fri Nov 4, 2011
WOW, thank you all! Yes Ron, I believe this agent is behaving a bit unethically in many senses. Two other agents I had in the past made it CLEAR to me when I sold my house that they had to update the MLS system immediately (and they did), but they also said that they would make it clear to prospective "back up" offers what the status was. That is why I find this lady so unusual. NO it is NOT my house, but I would expect she at a minimum keep my agent posted - which she does not. Im so relieved by Kevin and Alexis's information. I realize the house is "still on the market" I was not sure if we could loose the house to a better offer. We are more focused now on the contingencies. There are 2 work colleagues here that are looking for "rentals to buy" and this house was one of those. One of them told us there was going to be an open house, she flat out lied to my agent when my agent asked and politely asked that if anything came up, to keep us informed - she said the house was NEVER slotted for open house. I told my colleague who sent me the email and I forwarded to my agent AND the selling agent. If she lied to our faces the way she did, I get very nervous about what and how she is doing things. Thank you all!
0 votes
Sarah Goulart…, Agent, Plymouth, MA
Fri Nov 4, 2011
I'm going to agree with Ron here. In any market, but especially today's market, a home is not OFF the market until it closes. While many of us 'flag' the home as under agreement, the seller may not want their agent to do that or the agent may practice this with all of her listings. I've seen deals fall apart extremely close to closing, and as we stated, the home is under agrement, but is indeed still 'on the market'.

Good luck with your upcoming closing!
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Nov 4, 2011
Did you think that the LISTING AGENT was committing FRAUD by continuing to show the property?

Until the Escrow CLOSES, the property belongs to the SELLER.
The Seller has a right to do whatever they wish with their property, including trying to sell it: They have no guarantee that you will buy it; that you won't change your mind, or that something will change in your life to make it impossible to buy it.
The Seller doesn't want to wait 2 months, with no action, only to find that they will have to start all over again because your deal fell thru.

In addition to all that; the Listing Agent has the need to prospect for Clients, and using this property is a good and ethical method: I'm sure that she is allerting people that there is already an Offer on the house.

NOTE: there is an OFFER! your offer. Not a Sale; it is not YOUR house.


That is why your Agent is not going to report her; she has done nothing wrong.

Good luck and may God bless
0 votes
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