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I am testing the waters of my home in a hot market. My home was posted in MLS as "coming soon", and got a buyer who insisted seeing the house before it goes live (in 2-3 weeks). The buyer offered full price upon seeing the home.
I'm debating taking the offer, vs holding off for 2-3 weeks, and then going live to see how many offer we get. I don't know how much additional profit I'm leaving on the table, but the full price is reasonable given comps, although I could gain another $10k - $20k if the right buyer offers above list if the listing was live.
We do live in the house so it is a hassle for a ton of buyers to come through the house, so it is much easier to accept the full price offer now and avoid having a ton of showings.
Someone in their firm, and you've agreed to allow whatever form of dual agency applies?
No dual agency. It was another realtor who saw the "coming soon" in MLS, and begged to see the house with their buyers even though the house is not slated to go live for another 2-3 weeks.
Showing the house sounds like a clear violation of Coming Soon rules by you and your agent, depending on your location and MLS.
The house can be sold during "Coming Soon," and then viewed once under contract.
But, literally, "Coming Soon" means, "It ain't here yet."
Best course of action?
If you are willing to forego $10,000 to $20,000 for the sake of mere convenience, and if its terms are otherwise acceptable, take the offer you have.
Showing the house sounds like a clear violation of Coming Soon rules by you and your agent, depending on your location and MLS.
The house can be sold during "Coming Soon," and then viewed once under contract.
But, literally, "Coming Soon" means, "It ain't here yet."
Best course of action?
If you are willing to forego $10,000 to $20,000 for the sake of mere convenience, and if its terms are otherwise acceptable, take the offer you have.
Must-know facts about Coming Soon status listings:
Showings are allowed
A property may only be in Coming Soon status for 30 days (before only 14 days)
The Listing/Co-Listing Agent can change the price and On-Market date
Available to all MLS subscribers via searches and hot sheets
Coming Soon listings are not syndicated
Coming Soon listings must have a Listing Agreement
Cooperation/compensation is required
Front exterior photo is not required
Coming Soon listings will automatically be placed in Active status on the 31st day
Coming Soon listings can be manually changed to Active earlier
A property may only be in Coming Soon status for 30 of every 45 calendar days
Days on Market (DOM) does not accumulate. DOM will start the first day the listing is Active
Cash offer? Financing and if so what type of loan and how much down? Any contingencies? As-is or doing an inspection and likely to request repairs and/or concessions?
If it was a gold-plated offer (cash, no contingencies, as-is, fast close, etc) I would probably take it. If the offer is just so-so I would probably hold out for the listing to go live. Not even as much for squeezing out more money, but to hopefully get an offer with better terms.
Last edited by simplechamp; 08-17-2020 at 06:31 AM..
So... it seems the sole benefit of Coming Soon vs. Active in Tempe is that it allows the listing agent and seller to discriminate against agents as desired. I know agents I would not care to have show a listing, but under local rules and REALTOR ethics, I cannot exclude them.
I guess I like our system better, where DOM are counted when a home is available to show, prior to contract, that is. ARMLS fuels the "SOLD in 0 Days On Market!" crowd.
Regardless, if you're willing to pay for convenience, you just may have a deal in your lap.
If you listed it at the price you're willing go sell it for, why are you waiting? Imaginary dollars that you might get??? Remember just because they made an offer doesn't mean it'll work out. There's still inspections and financing to deal with.
Cash offer? Financing and if so what type of loan and how much down? Any contingencies? As-is or doing an inspection and likely to request repairs and/or concessions?
If it was a gold-plated offer (cash, no contingencies, as-is, fast close, etc) I would probably take it. If the offer is just so-so I would probably hold out for the listing to go live. Not even as much for squeezing out more money, but to hopefully get an offer with better terms.
Conventional loan offer, with $10k deposit and 10% down, only appraisal / inspection contingency not to exceed 10 days. The buyer is agreeable to ordering appraisal as soon as we enter into contract, before inspection is done, so we will know if the buyer will have an issue with loan if the appraisal does not meet the sales price.
Since the house is not scheduled for showings in 2-3 weeks, and the contract / appraisal / inspection contingency period is only 10 days, I am no worse off if the buyer should fail to qualify for the sales price, or ask unreasonable inspection items in which case I decline and put house on open market any way.
So I'm thinking aside from leaving a bit of money on the table, there is very little risk to having this buyer pay $1k or more for appraisal / inspection to see if they can afford the sales price and pass inspection period.
If you listed it at the price you're willing go sell it for, why are you waiting? Imaginary dollars that you might get??? Remember just because they made an offer doesn't mean it'll work out. There's still inspections and financing to deal with.
Good point. I'm just debating how much money I may be leaving on the table vs the inconvenience of having dozens of people trample through the house while we live there (worry of small chance of theft of valuables, viruses, lack of privacy, etc).
It might be worth $10k - $20k to not have dozens of strangers go through my house. Another house nearby had 55 showings last weekend before accepting an offer out of multiple offers, netting another $10k I believe (they raised the listing price an additional $10k before changing the status to pending). My house is more upgraded / desirable lot vs that house...so I think it is reasonable to think $10k - $20k premium.
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