Definitions of pending and conditional

[sholomar]

Pending.... Contract signed with no conditions (basically buyer is very serious about buying)

Contingent... Contract signed with conditions (financing, home inspection or whatever) that allow buyer to negotiate or back out if conditions not met.

Kickout... Contract signed but only valid once buyer sells their own home and other people can make offers in the meantime.

On the local MLS they simply put the letter by the listing... P. C. Or K. But they all also say pending as you can see.

http://brookingshomes.com/174.htm

[howard555]

This property is still unresolved. The seller had it listed for over 12 months and had an "investor" but they could not get financing.
The investor with no capital walked away. The seller changed agencies and got a bid in under 30 days. Lowball bid about 40K lower than being asked.


Now it is showing as pending still show.


Can an agent use pending still show to cause prospective buyers to feel a sense of urgency to get a bid in. Since it sounds to them like it is really pending. When in fact it may not be pending.

[Zippyman]

Originally Posted by howard555

This property is still unresolved. The seller had it listed for over 12 months and had an "investor" but they could not get financing.
The investor with no capital walked away. The seller changed agencies and got a bid in under 30 days. Lowball bid about 40K lower than being asked.


Now it is showing as pending still show.


Can an agent use pending still show to cause prospective buyers to feel a sense of urgency to get a bid in. Since it sounds to them like it is really pending. When in fact it may not be pending.

That would be a violation of MLS rules - and not that great of a marketing strategy anyway - instead of a sense of urgency, many potential buyers wouldn't bother even looking at a pending listing.

My MLS has the option of "pending" and "under contract, backups accepted" - if you choose to accept backup offers, the "days on the market" counter keeps ticking. If you mark it "pending", the clock stops.. - so you don't end up in situations like the one you posted, where the seller is patiently waiting for funding & getting strung along by a buyer, then further penalized with lowball offers because the property was on the market so long.

[howard555]

Well the seller spent 14 months with one agency and got no offers other than an investor with no financing.
They switched two another agency and sold that property and another one they had for sale.
First agency serious feet dragging.