Property Q&A in Richmond>Question Details

Stephen, Home Buyer in Richmond, VA

I have a property under contract and I want to list it on the MLS. Is this possible without having closed on my end first?

Asked by Stephen, Richmond, VA Mon Aug 15, 2011

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Hi Stephen, yes you can list your property for sale before you close. You have what is called "Equitable Title" to the property. Unless the contract you have prohibits an assignment, etc., you can list it immediately. The problem is the seller will probably be unwilling to reshow the home to other buyers. In addition you probably will not be able to get a loan on the property in a situation like this. Thus you will probably have to pay cash. Then the current listing agent will want to see you have the assets to close on time. The buyer's lender and attorney may have a very big problem with you flipping the home so soon. Flipping this soon may disqualify it from loan programs for your buyer such as FHA, etc. You are treading on ground where angels fear to go!
0 votes Thank Flag Link Mon Aug 15, 2011
You are thinking of putting the property that you have under contract back on the market to resell? Is that the question?

Suppose the transaction doesn't move forward to closing? Then what do you do?

I would wait until it closes and the checks clear.
0 votes Thank Flag Link Mon Aug 15, 2011
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