Home Buying in Rio Linda>Question Details

Jacqueline_m…, Home Buyer in Rio Linda, CA

I have been following a few houses and now they are off market. does this mean there is no chance of buying now?

Asked by Jacqueline_mead, Rio Linda, CA Wed Apr 18, 2012

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6
Jacqueline, are you looking on our MLS websites? or sites such as Trulia? The MLS websites are up-to-the minute current. Depending on how the person who set up the search for you did it, they could have listings drop off when the status changes.

If you are looking at sites that are manually updated, such as Trulia, then they aren't as accurate anyway. It's best to move quickly to see homes that you see because days on market is very low right now. But it there was one in particular, and it happend to be a short sale, there's a possibility to put in a back up offer just in case that first buyer walks.
1 vote Thank Flag Link Sun Apr 22, 2012
The short answer is that most homes go off market because of a pending sale. There are times a home will go off market because the listing was cancelled or withdrawn. Sometimes these homes come back on the market. The best thing to do is to call the listing agent and inquire as to the status.
0 votes Thank Flag Link Mon Nov 19, 2012
Contact the owner of the properties to determine their availability.
0 votes Thank Flag Link Sun Apr 22, 2012
Yes, it means that there are probably pending sale or already sold. There is not a lot of inventory out there and they are selling in 24-48 hours.
0 votes Thank Flag Link Wed Apr 18, 2012
Most of the time it means the houses are no longer available. When Mike P answered "not necessarily" he was referring to the exceptions, not the rule.

Reasons for "off market"

1. Sold to someone else. Closed escrow
2. Sold to someone else, Escrow opened.
3. Sold to someone else, awaiting short sale approval.
4. Short sale failed, now undergoing foreclosure - may be relisting in two to twelve months by foreclosing bank. Not available for offer until relisted.
5. Short sale withdrawn, seller got loan mod.
6. Listing expired or withdrawn, seller no longer wishes to sell.
7. Listing expired or withdrawn, seller waiting for higher prices.
8. Listing expired or withdrawn, seller rented it out instead.
9. Listing expired or withdrawn, seller plans to relist after giving a short rest.

Your best chance of buying something, is to look at houses that are actively listed at the time you are ready to buy. Looking at expired and withdrawn listings is a comfortable way to postpone making such a big decision. Whatever today's inventory is, it will be different in a month.
0 votes Thank Flag Link Wed Apr 18, 2012
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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Not necessarily. If you're interested in seeing a home that has been removed from the market but has not sold, simply contact the agent who had it listed to see if the sellers are still interested in selling. If you don't have the agent's contact information, I would contact a buyer's agent and ask them to look it up in the MLS for you. That agent can act on your behalf to contact the seller's agent.
I don't know how listings are going in your area, but in Colorado, our listings are way down and our sales are way up. What that means for buyers is, if you find a home that you like, you'd better make an offer quickly. Many of our listings are getting multiple offers and/or are selling within one to two weeks.
Don't wait much longer to get serious. It could mean losing out on the lower prices that we still have and who knows what might happen to mortgage rates over the next year.
Good luck to you.
0 votes Thank Flag Link Wed Apr 18, 2012
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