Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-30-2014, 12:41 PM
 
Location: Salem, OR
15,518 posts, read 40,261,953 times
Reputation: 17399

Advertisements

Quote:
Originally Posted by cully View Post

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In my MLS that is called Withdrawn.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.
Reply With Quote Quick reply to this message

 
Old 11-30-2014, 01:44 PM
 
Location: VA
211 posts, read 449,562 times
Reputation: 215
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)
Reply With Quote Quick reply to this message
 
Old 11-30-2014, 01:49 PM
 
51,585 posts, read 25,589,248 times
Reputation: 37787
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.
Reply With Quote Quick reply to this message
 
Old 11-30-2014, 02:08 PM
 
5,048 posts, read 9,572,700 times
Reputation: 4179
Quote:
Originally Posted by Silverfall View Post
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.
Reply With Quote Quick reply to this message
 
Old 11-30-2014, 02:13 PM
 
Location: My House
34,937 posts, read 36,122,580 times
Reputation: 26547
Quote:
Originally Posted by GotHereQuickAsICould View Post
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.
__________________
When in doubt, check it out: FAQ
Reply With Quote Quick reply to this message
 
Old 11-30-2014, 02:15 PM
 
5,048 posts, read 9,572,700 times
Reputation: 4179
Quote:
Originally Posted by GotHereQuickAsICould View Post
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.
Reply With Quote Quick reply to this message
 
Old 11-30-2014, 04:03 PM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 12 days ago)
 
Location: Cary, NC
43,142 posts, read 76,705,928 times
Reputation: 45473
Quote:
Originally Posted by RedZin View Post
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.
Reply With Quote Quick reply to this message
 
Old 11-30-2014, 06:04 PM
 
Location: El Dorado Hills, CA
3,720 posts, read 9,968,002 times
Reputation: 3927
Contingent status here means a short sale under contract contingent on lender approval.
Reply With Quote Quick reply to this message
 
Old 11-30-2014, 06:08 PM
 
Location: DFW
40,930 posts, read 48,952,149 times
Reputation: 54922
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.
Reply With Quote Quick reply to this message
 
Old 11-30-2014, 10:13 PM
 
Location: My House
34,937 posts, read 36,122,580 times
Reputation: 26547
Quote:
Originally Posted by MikeJaquish View Post
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!
__________________
When in doubt, check it out: FAQ
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6. The time now is 11:12 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top