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One that intriques me is the one in some places ... forget the brief term for it but, basically, still listed but do not show. It's still under contract with the listing agent but the owner doesn't want it to be shown...in one case I know this went on for months.
In my MLS that is called Withdrawn. The listing agreement is still active and in place, but you can't show it. This is typically a temporary status used for holidays or if relatives are in for a week during the listing period. I've used it for clients that had emergency surgery, etc.
It typically only goes on for months when the listing agent refuses to release a seller from the listing agreement. The seller can't sign with a new agent since their listing agreement isn't terminated. So the seller withdraws the listing from being shown and waits it out.
In my market it is "Active (can be shown and accepting offers)
Contingent (under contract but financing, inspection or appraisal contingencies are in affect, property might still be shown but this is rare)
Non-contingent (no contingencies are placed by buyer or seller)
Contract (all contingencies have been satisfied)
So what happens if a back-up offer turns out to be one the sellers would rather go with?
Can the seller refuse to close?
Followed a thread where the sellers declined to close on the closing date, but rather asked for a lengthy extension as they wanted to bank to agree to a short sale. The buyer was out of luck unless he wanted to wait it out.
In my MLS that is called Withdrawn. The listing agreement is still active and in place, but you can't show it. This is typically a temporary status used for holidays or if relatives are in for a week during the listing period. I've used it for clients that had emergency surgery, etc.
It typically only goes on for months when the listing agent refuses to release a seller from the listing agreement. The seller can't sign with a new agent since their listing agreement isn't terminated. So the seller withdraws the listing from being shown and waits it out.
Yes, that's what happened in the drawn out circumstance I mention. I think the owner had listed for some time, re-uping every so often. Then it seems he listed and quickly decided not to sell but to separate from his spouse.
So what happens if a back-up offer turns out to be one the sellers would rather go with?
Can the seller refuse to close?
Followed a thread where the sellers declined to close on the closing date, but rather asked for a lengthy extension as they wanted to bank to agree to a short sale. The buyer was out of luck unless he wanted to wait it out.
Not in my area. A contract is a contract. Buyers invest time and money in inspections and preparations to close. Trying to back out of a sale because you got a better offer after agreeing to sell for X price to another buyer is pretty slimy.
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So what happens if a back-up offer turns out to be one the sellers would rather go with?
Can the seller refuse to close?
Followed a thread where the sellers declined to close on the closing date, but rather asked for a lengthy extension as they wanted to bank to agree to a short sale. The buyer was out of luck unless he wanted to wait it out.
As to the first question....some people fall in love with a home, not just a house, and don't want to be a back up. They want to be the only one or at least the first one trying to win the home. Yes, much like human to human relations.
If you can be a little business like or chancey you might get it being the backup. However, I'd have to have a limit to the backup time...36 hours, 72 hours. So at whatever point the seller has set and you agree to (because that is what the primary contract has contracted on), the seller notifies the prospective primary contract and they hurry to act. If they can't accomplish that the back up contract slips into first place.
I have heard of a couple of backups where the period of time was not yet met for the back up contract. So the next potential buyer was willing to become second backup. So the primary contract could not perform so the backup slipped into primary buyer. And the second backup become backup to the primary.
Essentially, it's set in writing from the start.
Now, those that don't have an expiration date/time limit......not good.
Not in my area. A contract is a contract. Buyers invest time and money in inspections and preparations to close. Trying to back out of a sale because you got a better offer after agreeing to sell for X price to another buyer is pretty slimy.
Do the GOOG on "specific performance."
The NC standard contracts offer some protection to buyers against suits for specific performance. Not so much for sellers.
Here Contingent will stay on the Internet for Buyers to see where Pending causes it to drop off.
RE Agents like the exposure and calls. Technically almost every contract is contingent on something such as financing.
Do the GOOG on "specific performance."
The NC standard contracts offer some protection to buyers against suits for specific performance. Not so much for sellers.
Ahhhh. Very interesting!
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