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Why is it legal for some mls areas in NC to list a house as active when it has a contract pending? I could understand the realtor would want to accept backup offers during the due diligence period, but if you are a realtor and you find several homes that meet your client's criteria, do you call the seller's agent of every single listing first to make sure there isn't a contract on it and your client would only be a backup? This makes no sense to me. How do you know when something is really active?
How does it work in other states? In VA, I have always seen the home listed as contingent/ko or contingent/nk pending all inspections or other issues. But homes here are not listed as active when they have contracts on them.
Why is it legal for some mls areas in NC to list a house as active when it has a contract pending? I could understand the realtor would want to accept backup offers during the due diligence period, but if you are a realtor and you find several homes that meet your client's criteria, do you call the seller's agent of every single listing first to make sure there isn't a contract on it and your client would only be a backup? This makes no sense to me. How do you know when something is really active?
How does it work in other states? In VA, I have always seen the home listed as contingent/ko or contingent/nk pending all inspections or other issues. But homes here are not listed as active when they have contracts on them.
MLSs are private functions and set and enforce their own rules regarding status of listings.
In Triangle MLS, it IS the rule that a home with a contract on it will be listed either as "Contingent" or "Pending."
Why is that allowed (to set their own rules)? If a house is under contract, it's under contract, no matter what mls it's on. It just seems like a bad business practice to me.
Why is that allowed (to set their own rules)? If a house is under contract, it's under contract, no matter what mls it's on. It just seems like a bad business practice to me.
Who else would set the rules?
HUD? (That is hilarious, BTW, if you have ever tried to do real estate business on a HUD-owned property....)
MLSs are private associations, and as such SHOULD be able to set their own rules.
A home is not SOLD until the deed is recorded for the new owner, and as such, buyers should consider making offers on any home, whether under contract or not.
Why is that allowed (to set their own rules)? If a house is under contract, it's under contract, no matter what mls it's on. It just seems like a bad business practice to me.
What a question. Private enterprises are allowed to set their own rules, as long as they are not violating any laws.
There is a property in TN that had "under contract" for over 6 months. The contract obviously fell through. During that 6 months, there were possibly a dozen people who might have been interested in the property who didn't bother with it and didn't become a "back-up" buyer. The house is still on the MLS - obviously unsold - obviously without a back-up buyer. That "under contract" had me pass that house by and I was interested. We bought another property.
In the Phoenix area MLS (ARMLS), we are required to set status to either Pending or to a contingent status for certain contingencies when under contract. Our contingent status is a form of Active, so many external listing websites still show them as active.
Who else would set the rules?
HUD? (That is hilarious, BTW, if you have ever tried to do real estate business on a HUD-owned property....)
MLSs are private associations, and as such SHOULD be able to set their own rules.
A home is not SOLD until the deed is recorded for the new owner, and as such, buyers should consider making offers on any home, whether under contract or not.
A realtor told me she has been frustrated because she picks houses for her clients and shows them the listings. Then she calls for a showing only to find out it's due to close 2 days later. Just wondering if there wouldn't be some better system in place like here in Virginia.
Well that is human error. It would be equally disappointing if the house was listed as active for 6 months, and you wanted to buy it, but it was under contract. If it remained listed as active the entire time, how would you ever know if it was really active again or still under contract?
Quote:
Originally Posted by NY Annie
There is a property in TN that had "under contract" for over 6 months. The contract obviously fell through. During that 6 months, there were possibly a dozen people who might have been interested in the property who didn't bother with it and didn't become a "back-up" buyer. The house is still on the MLS - obviously unsold - obviously without a back-up buyer. That "under contract" had me pass that house by and I was interested. We bought another property.
You have to realize that the MLS clients are the agents who pay a subscription to access the system. Private companies don't typically change their business model to accommodate requests or requirements from people who don't pay them.
Likely your best way to get what you want is to start your own MLS like system - thus giving you the freedom to set your own rules.
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