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In TX a property is not under contract if there is an inspection period...
It can often still receive standby offers
Only after the inspection period has concluded w/satisfactory results to both sides will the sales contract go into force...
So if the inspection reveals issues and the buyers and sellers can’t reach agreement the sale does not go forward
Sometime in hot market buyers will put house under offer just to give themselves more time to search and if they like another house they find in that inspection period will just drop first house after inspection period
Inspection proffer usually calls for smaller fee that will be lost if they do not go forward
I just sold a house in Indiana, and the MLS there had an option of "Pending - accepting backup offers", or just "Pending".
I'm surprised there isn't consistency across the various MLS'. Is that due to laws being different or just the way the MLS' set up their systems?
I guess we'll just stay put. Wanted so much to move closer to young grand-kids but out-of-state buyers have thrown everything out of whack. I hope they are looking for home and not just properties to add to their portfolios.
I just sold a house in Indiana, and the MLS there had an option of "Pending - accepting backup offers", or just "Pending".
I'm surprised there isn't consistency across the various MLS'. Is that due to laws being different or just the way the MLS' set up their systems?
RM
Yes, it is because of how various MLSs are set up, as well as a national mishmash of standard and non-standard contract documents, and various state and regional real estate laws and practices.
A search of my MLS indicates 1.3 million listing files over the course of time.
Predictability in finding good information when searching through archives for years makes people hesitant to embrace broad fundamental change. I.e., all MLSs say, "Sure! Let's be consistent! Let us know when y'all are ready to adopt our listing system, rules, and procedures!"
Then why are some listed as “pending” and some “contingent”
They may have stopped accepting offers. There's one two doors down which put a one-week window after which no more offers will be considered. Agent presents offers to the seller after the close of the window. They are now in negotiations with the buyers.
I bought my first house about 5 years ago and looking to make an upgrade. The market like most places around the country is hot. My budget is entry level for a single family house (don't want a condo or townhouse). I will see a house listed but it is gone within days. One friend in my price range reports getting frequently outbid.
Starting to look now and worried that any offer contingent on my house selling would automatically take me out of contention. My realtor assures me she could sell my house very fast but I'm afraid to sell and then be unable to find a house. How are others in my situation handling this? Perhaps offering a short contingency timeframe?
It's not unusual to "rent back" your home, from the new buyers. This can go 30-60 even 90 days. During this time, you'll need to get a place. Sometimes, the new owner won't charge you at all, to live there for a couple months...just get it in writing, during negotiations.
Was checking listings in my area today
Saw one house was a new listing on market for 4 hours before contract was accepted
I want a house on the market at least 3 days to give everyone time to get in their offers. Odds are they sold it off their "Coming Soon" sign which to me shorts the seller on other offers.
Most homes with multiple offers will usually show 3-5 DOM.
I want a house on the market at least 3 days to give everyone time to get in their offers. Odds are they sold it off their "Coming Soon" sign which to me shorts the seller on other offers.
Most homes with multiple offers will usually show 3-5 DOM.
I was going to post my rent house that will go on the Market in June as a coming soon in late May but have decided that’s not really in my best interest. Thanks for confirming it!
Some agents will use Active Contingent instead of Pending. Technically it is because it's contingent on Financing being approved.
But we have AC = Contingent on a reason like Financing, HOA Docs.
then we have Active Kick Out - AKO - Contingent on the sale of another home.
So when you see Contingent in TX it's usually not on the sale of another home. I don't like when they use AC, I like to just use Pending.
Thanks
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