Home Buying in Springfield>Question Details

Tom and Heat…, Home Buyer in District of Columbia

Why is the house I am buying suddenly not lsited at all on the MRIS?

Asked by Tom and Heather, District of Columbia Sun Jun 29, 2008

It took forever to switch to Under Contract on the MRIS and when it finally did, the list price was changed to reflect what we actually wrote the Contract for...(about $30K less than previous List Price). OK, I guess that was so everyone in the world could see what we are buying it for? Anyway so we are going to Settlement in a few weeks. I like to look at it online alot and now it is off the MRIS on every sight I look at. What gives?

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Welcome! If you ever need help with real estate in Northern VA, feel free to contact me.
Web Reference: http://LoudounScene.com
0 votes Thank Flag Link Mon Jun 30, 2008
Thank you both for taking the time to answer--I apprecaite it very much. This site reqally is a community service.
0 votes Thank Flag Link Mon Jun 30, 2008
Tom and Heather,

The answer Vicky gave sums it up well. It could lose the sellers tens of thousands of dollars should the contract fall out and everyone knew how much less they accepted.

The lockbox usually stays on through settlement. Appraisers, Home Inspectors, Termite Inspectors among others may need to get into the property. You as the buyer will want to do a walk-through just prior to settlement and your agent will use their lockbox key to get you guys in.

As far as other agents and buyers going through the property, we (agents) know that we're not allowed inside a property that is "contingent with no kick out" or "under contract".
Web Reference: http://LoudounScene.com
0 votes Thank Flag Link Mon Jun 30, 2008
The negotiated price is condfidential until closing. While homeowners often will tell this, real estate agents can not unless they have a directive to do so - in writing - from the seller. And, it does not go in the MRIS system like that. Let's just assume the house was listed for $1million, and you negotiated the price down to $500K (probably not, but let's just dream for a moment). If something happened and you didn't buy the home, do you think ANY OTHER buyers would EVER offer more than the negotiated price? No way. That could be a HUGE loss to your seller.

Besides, after closing when the sales price goes in, the MRIS tracks statistics like - properties in this area are selling for an average of 93% of list price. That helps both buyers and sellers alike to know what to expect in a given marketplace. The information is really valuable to us all, and any information misrecorded should be corrected and/or reported to MRIS.

Back to the vanishing listing, there's a detail missing. If at first you could see it on the public sites, its is because it was listed as under contingent contract with a kick out - meaning the home could still be viewed and offers were being encouraged, but that if they got another offer they'd have to notify you and go through the appropriate process to "kick" you out of the contract and accept the other offer. Once the contingency was removed, it was then marked as non-contingent and is no longer being marketed. Hopefully that makes more sense to you.

But, if you like the photos, have your agent email the listing to you. It's still in the non-public information.

Congrats on the home purchase. And, if I can ever help you in Virginia, please, give me a call!
0 votes Thank Flag Link Sun Jun 29, 2008
What are the implications for the seller Danilo? Please elaborate!

Because I thought it was weird too that the List Price was changed...the lockbox is still on the house and I'm guessing that nine hundred more people are walking thru the house because of the price drop...
0 votes Thank Flag Link Sun Jun 29, 2008
All the answers below touch upon what is most likely the issue. You are probably using a public listing search site that pulls its' data from the MRIS. Typically, once a property is under contract, it is no longer sent to those sites and seems to "vanish".

The one thing that caught my attention about your post is that the Listing Agent changed the asking price on the under contract listing to what the actual sales price was. That is not supposed to happen. The final sales price is not released until after settlement. Doesn't relly affect you, but the implications for the seller could be huge.
Web Reference: http://LoudounScene.com
0 votes Thank Flag Link Sun Jun 29, 2008
Once the status changes in the MRIS to 'under contract' then the property will be removed from most other real estate websites. If you are using a buyer's agent, have your agent email you the listing through MRIS, then you should be able to view the photos. Congrats on your new home purchase.
Web Reference: http://www.MovingToNova.com
0 votes Thank Flag Link Sun Jun 29, 2008
Tom & Heather, once a property goes under contract, it will typically not be displayed any longer on the public versions of the MLS. Agents and brokers can still view the property marked as Contract, but others will not see this information.
Web Reference: http://blog.brianblock.com
0 votes Thank Flag Link Sun Jun 29, 2008
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