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Old 06-19-2007, 09:10 PM
 
Location: Western Durham
120 posts, read 443,854 times
Reputation: 89
Default House under contract - why does listing agent still show an active listing?

I don't have a good feeling about this.

We signed a contract last Thursday to buy a house in Durham. My earnest money was received by my realtor today (Tuesday) - the check was in the mail, you see. She called me to tell me she'd received the check and to tell me she had heard our loan had been approved. I assume she took the check wherever it needed to go.

Tonight I looked at the listing agent's website only to find that the listing had been updated at 6pm today, and still shows and active listing with no mention of the house being under contract. You can still schedule an appointment to look at the house.

I signed a contract to sell my current house on Monday. I'm ready to close on the Durham house. What gives?? We asked for and were given a 60 day closing. So does the other agent expect to get a better offer from someone else and just tell us we're out of luck.

I'm not too happy tonight.
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Old 06-19-2007, 09:18 PM
 
Location: Raleigh, NC
10,325 posts, read 17,129,589 times
Reputation: 5981
Do you have a copy of the signed contract (signed by both you, the buyer AND the seller)?

If so, you have a contract.

If the listing agent takes her time about putting it as "pending" in the computer, thats not a problem to you. According to MLS rules, she has 48 hours. She may put it in as "active - taking back up offers", which her seller can ask her to do.

Still, no problem for you, as you have a contract.

Some agents never put SOLD on the sign either. Its their way of getting more leads, I think. Or they are just too lazy to get the sign out there.

If you are really concerned about it, ask your agent why the other agent hasn't put it on MLS as "pending".

Vicki
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Old 06-19-2007, 09:28 PM
 
Location: Western Durham
120 posts, read 443,854 times
Reputation: 89
Default Thanks, Vicki

Thanks for easing my mind. I just sent off an email to my realtor asking why the listing didn't show pending, but I wanted to be able to rest easy tonight. I love the house so much and am so excited about moving. It seems almost too good to be true. I sold my house here without even putting it on the market - a neighbor offered to buy it. Could I really be that lucky?

The sellers signed the contract and faxed it to us. We signed and faxed it back. I've got a clean set of originals at home and am waiting for my husband to return from a trip so he can sign the four or five copies sent by my realtor.

Guess I've just got a bad case of the pre-closing jitters.
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Old 06-19-2007, 09:35 PM
Status: "I am not Groot." (set 6 days ago)
 
Location: Cary, NC
19,237 posts, read 29,636,612 times
Reputation: 16029
Remember: The listing agent is a fiduciary for the Seller.
It is NOT in the Seller's best interest to take the home off the market unless you have accepted all inspection and repair results, have a mortgage commitment letter, house has appraised, so, basically the deal is very close to a lock.

"Active--Taking Back up Offers" serves the Sellers' interest by allowing the Sellers to market until they are comfortable with the status of the deal. And if they receive an acceptable Back-up Offer, they know they have an alternative if the Buyer makes unreasonable demands. Or if the Buyer freaks and terminates...

The biggest reason to rush to put up a "Pending" sign is to serve the Listing Agent's interests. "Pending" can make the Listing Agent look good, since that is when the Days on Market count ends. Then the Listing Agent can advertise how fast they sell homes. That is a moot point to a Seller under Contract.

I always give my Listing clients a choice, "Pending," and no showings, or "Active--Taking Back-up Offers," and possibly getting showings.

If you want to stop showings, ask them to go "Pending." Be prepared to offer more earnest money if you really want it.
Generally, showings stop when agents see "Active--Taking Back-up Offers."
Your agent can help you relax...
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Old 06-19-2007, 09:40 PM
 
997 posts, read 2,928,772 times
Reputation: 330
Vicki is right. They have 48 hours to make a status change per MLS rules or they could be fined. Check with your agent. Maybe the MLS is updated and it's just she hasn't changed her personal website yet. She can continue to show the home through CSS for backup offers only.

Some agents I know don't put sold riders on their signs because they feel that the home isn't actually sold until it closes. Some, like Vicki says just hope for some more leads from sign calls.

I sold my listing on Sunday afternoon and I updated the MLS to pending Sunday night and stopped all showings with CSS even though I hadn't picked up the check yet. We had all the buyers signatures but we were just waiting for my second sellers signature since they were out of town. We had a verbal agreement and I am pretty fair when it comes to other agents.

I have not put a sold rider on the sign yet though. I usually wait until the inspection and then I do. If things go well with the inspection later this week or we come to a mutual negotiated decision regarding repairs that need to be made, then I will put the "Sold" rider out there. That's just how I work.

All agents have their own style in which they do business. But if you have a signed copy with both signatures buyer and seller and earnest money has been received by the listing agent, then the status should be changed to pending or atleast active taking back up offers in the MLS.
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Old 06-26-2007, 02:33 PM
 
Location: Mc Kee, Kentucky
109 posts, read 561,614 times
Reputation: 59
Smile Don'r worry. Be happy.

Quote:
Originally Posted by Heathercp View Post
I don't have a good feeling about this.

We signed a contract last Thursday to buy a house in Durham. My earnest money was received by my realtor today (Tuesday) - the check was in the mail, you see. She called me to tell me she'd received the check and to tell me she had heard our loan had been approved. I assume she took the check wherever it needed to go.

Tonight I looked at the listing agent's website only to find that the listing had been updated at 6pm today, and still shows and active listing with no mention of the house being under contract. You can still schedule an appointment to look at the house.

I signed a contract to sell my current house on Monday. I'm ready to close on the Durham house. What gives?? We asked for and were given a 60 day closing. So does the other agent expect to get a better offer from someone else and just tell us we're out of luck.

I'm not too happy tonight.
I've got one even better Heather...I bought my house in KY on Feb 27th. of this year & closed on April 30th. Cash Deal. House was inspected & all things went as scheduled, but the R.E. company never put Pending sale or Sold in their ads that still showed my house....& even a MONTH AFTER I moved in, it was still listed as being for sale. How's that grab you? Either the R.E. Company was lazy, incompetent, stupid or a combination of all 3.

I hope everything will work out OK for you.

God bless.

Joe
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Old 06-26-2007, 03:42 PM
 
Location: Western Durham
120 posts, read 443,854 times
Reputation: 89
Wow, Joe! Even after you moved in?? Guess the realtor must have been really busy.

They finally removed the listing from the website. We had the inspection done today. Mostly good news except for one structural problem which I hope the sellers will fix. We can't wait to get there.

On the home front, my buyer is getting stranger by the day. We're selling below appraisal value (already signed the contract and everything) and she's still pushing for more and more. I'm about ready to tell her the deal is off. Does anyone know what happens when the seller changes their mind? Let me include the fact that the buyer lives five houses up the street and has not put her home on the market. She just wants to move into mine and rent hers. She's not out any money and there are tons of houses for sale in our neighborhood.
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Old 06-26-2007, 04:11 PM
 
Location: Chapel Hill
1,246 posts, read 2,938,603 times
Reputation: 308
Heather,

I feel for you. Our buyer is being very demanding too. They are getting a great deal on the house but keep asking for more and more too. I would walk if it wasn't important for hubby to get to RTP asap.
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Old 06-26-2007, 04:34 PM
 
Location: Western Durham
120 posts, read 443,854 times
Reputation: 89
It's frustrating, isn't it. Our buyer made an offer before I'd even put the house on the market and I was willing to take it to both have the house sold and not have to worry about having folks traipsing through all the time. But these late demands are really starting to aggravate me. The worst part is the feeling I'm getting that the buyer might back out at the last minute (wishy washy now could mean wishy washy later) and then what would I do. I could take her to court, but what would it get me? Nothing but more aggravation, I'm sure.

If someone else makes me a better offer, I might really take my chances with a breach of contract and try to walk away from the sale. I'd like to think I'm a "my word is my bond" kind of gal, but there's only so much I can take.
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Old 06-26-2007, 05:39 PM
 
460 posts, read 1,642,737 times
Reputation: 163
Heather sell your house and come on home. I know its a real pain but once she pays you, you are OUT of there. Somtimes you got to get er done. We have all had the buyer from hell. Smile all the while and sell that house!!!!
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