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We are seeing more and more agents holding a listing in "Contingent" status until all contingencies, including inspections and repair negotiations are removed.
Then it is often taken to "Pending."
Some take a listing to Pending after closing and directly to "Closed."
Mike, so then if a home has a "contingent" status in MLS does it still show up when a realtor or a buyer on the internet completes a search?
If so that is good news... And I rescend my comments.
I've seen more properties lately stay "Contingent" until a few days before the sales actually close. I've never had the desire to write a backup offer though - just seems like a waste of time to be honest. Buying a house is stressful enough without being 2nd in line, waiting for something to go wrong with the first contract!
Mike, so then if a home has a "contingent" status in MLS does it still show up when a realtor or a buyer on the internet completes a search?
If so that is good news... And I rescend my comments.
Thanks for the wealth of knowledge.
I can see all listings, all statuses, in the MLS from the last 10 years, any time I have the urge. Additional photos are deleted after 6(?) months.
You can see "Contingent" through a Prospect Gateway delivered by email.
You may or may not see that a property is "Contingent" when you do a search on a third party or a Realtor's personal site.
But... There are not hard and fast rules regarding when a property is taken from "Contingent" status to "Pending." Or at least, barely enforced if at all. Yet.
I can see all listings, all statuses, in the MLS from the last 10 years, any time I have the urge. Additional photos are deleted after 6(?) months.
You can see "Contingent" through a Prospect Gateway delivered by email.
You may or may not see that a property is "Contingent" when you do a search on a third party or a Realtor's personal site.
But... There are not hard and fast rules regarding when a property is taken from "Contingent" status to "Pending." Or at least, barely enforced if at all. Yet.
Yeah, the problem in my case was that my house showed as "Contingent". My realtor said that there used to be a status on the MLS that would say something to the effect of "Contingent but taking backup offers". We were going to take backup offers as per the wording of the contingency, but on the MLS, because it wasn't listed that way, I think it turned a few potential lookers off.
Yeah, the problem in my case was that my house showed as "Contingent". My realtor said that there used to be a status on the MLS that would say something to the effect of "Contingent but taking backup offers". We were going to take backup offers as per the wording of the contingency, but on the MLS, because it wasn't listed that way, I think it turned a few potential lookers off.
Right. It is just a different label, and since the MLS TEMPO update we will take a little time to adjust.
Agents know that they can deliver a back up offer any time. It will take some time for them to convey that to clients.
As someone who just sold my home, I can say that I was unwilling to take a contingency. In a stronger market, I would have been more likely to consider one, but in this market, if you offered me with a contingency and I accepted, you'd essentially take my house off the market and prevent possibly a better offer (i.e. - non-contingent) from coming in.
As a builder I was severely burned by a contingency. From that experience I learned that the only safe way to do is with a kick out clause. You have a right to buy my home, contingent on your completed sale. If I receive a suitable offer before that time, you have three days to commit to buying, with a significant, and non-refundable deposit, and proof of an approved bridge loan or other funds. The home is not listed as pending, no "taking backup offers" or anything else to discourage other potential buyers. If it's available when you are ready to buy, it's yours, if not, too bad. Other than a seller with a distressed property, or unusual local market (super hot or cold ) , I can't justify damaging yourself as a seller, by saying anything but a hard NO to a straight contingency deal.
As a builder I was severely burned by a contingency. From that experience I learned that the only safe way to do is with a kick out clause. You have a right to buy my home, contingent on your completed sale. If I receive a suitable offer before that time, you have three days to commit to buying, with a significant, and non-refundable deposit, and proof of an approved bridge loan or other funds. The home is not listed as pending, no "taking backup offers" or anything else to discourage other potential buyers. If it's available when you are ready to buy, it's yours, if not, too bad. Other than a seller with a distressed property, or unusual local market (super hot or cold ) , I can't justify damaging yourself as a seller, by saying anything but a hard NO to a straight contingency deal.
a trip down memory lane of how things were in August 2008, before the credit markets froze in September. And our forms and inventory levels were very different.
We bought without a contingency and then listed our home which luckily sold for all cash with a three week close. It was super stressful but worked out. I wouldn’t advise this approach unless you have a back up plan for a loan or cash. We had money we could borrow from family members had our home not closed on time.
What really irritates me: an offer that's contingent on a lengthy punchlist, for which most of the items don't have anything to do with safe or functional occupancy. Instead, the buyer is trying to get the house exactly like they want it, with me acting as their general contractor. They should just engage a builder for a new home.
Don't see much of this when the market is hot, but when the market goes cold, look out.
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