why are house's still listed when no more offers are being taken?

Asked by Jay, Moreno Valley, CA Thu Aug 27, 2009

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Zanna, , Hamburg, NY
Thu Aug 27, 2009
Call a listing agent and find an answer to your question. All real estate is local. Do your local homework. Any question is a good question.
1 vote
Micki O'Toole, Other Pro, Corona, CA
Thu Aug 27, 2009
Good morning Jay and thanks for your question.
Just as Jane pointed out a lot of the problem stems from short sales, but also in some cases bank owned proeprty agents simply keep it active until an accepted offer from the bank has been received.
Not all agents do it this way and I belong to a different board than Jane, so we really don't have a specific criteria. In the case of short sales our team will put the property in back up status once we have an accepted offer but are awaiting approval from the bank. We do this with bank owned too, but they are gone so quickly they tend to put to pending right away.

Have your agent call on each property you want to see, een if it says active. Sometimes the MLS isn't updated contrary to what the agent remarks might indicate. This should save you and your agent time.

Hope this helps.
0 votes
Jane Grant, Agent, Aguanga, CA
Thu Aug 27, 2009
Jay, As far as short sales go , which is mainly where the problem is....the banks want the homes listed until the short sale is approved. Since this is such a long process the homes are listed as active for a long time. Technically, agents are required to accept offers on homes while it is "active". However, there are so many offers coming in that they simply don't want any more.

Our Board Of Realtors here made it mandatory that if an offer is waiting approval from a bank then it must be moved from "Active", status.

Confusing market, I know, but keep trying...good luck to you!!!
Web Reference:  http://www.soreal.biz
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