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I would like to know if it is a common practice for listing agents to not change the "active" status of a listing during the due diligence period?
Until recently, I did not know that this was done. Most listings that I have come across that were in their due diligence stage had a blank status or showed "contingent" / "pending contract".
Yes it is proper to change the status and usually MLS requirements. Our status's go from Active to Active Contract (during the option period) to Pending. We also have an Active Contingent.
It's not fair to the other agents and buyers to represent a home that is under contract as not being under contract. It is also against our MLS rules and get an agent booted or fined.
Nothing worse showing a buyer client a home that is not really available to purchase. One of my pet peeves that I will turn in sooner than almost any infraction.
Yes it is proper to change the status and usually MLS requirements. Our status's go from Active to Active Contract (during the option period) to Pending. We also have an Active Contingent.
It's not fair to the other agents and buyers to represent a home that is under contract as not being under contract. It is also against our MLS rules and get an agent booted or fined.
Nothing worse showing a buyer client a home that is not really available to purchase. One of my pet peeves that I will turn in sooner than almost any infraction.
Thanks for you reply. Since our home sold in July (we're in a rental), I have been performing daily searches using a great local agent's website . . .and it is in syn with MLS updates. Nothing like Realtor.com or the likes.
Well this week we had our Agent pull a list of homes that we have compiled and schedule showings. When our agent inquired about one of the homes on our list (Friday evening), he was told by the listing agent that a contract was accepted 3 days prior (Tuesday) and that the buyers were in due diligence with an inspection scheduled for next Thursday. But she told our agent that he could still show us the house.
After viewing the listing online, we have become quite smitten with the home. We would love to see the house and potentially be in position if the first contract falls through. Our hope was to watch it--as our agent suggested--and go from there. But it is quite difficult to watch the status of a listing if the status is not accurate to begin with. And I have just checked again, and the status still says "active" (4 days later).
Today we asked our agent about the house status and he says that it is common for other agents to do this. Not sure if he was saying this to calm us or just brushed it off as a simple mistake. But how could that be a simple mistake?
I came here to ask this question because it is very hard for me to believe that this was just a simple mistake on the part of the agent. The home is a GREAT relo company deal and I am sure that others have inquired about the listing. And if the contract falls through we would definitely want to be prepared to immediately make an offer. So, should we ask our agent to ask the listing agent to update the status so that we can keep up with it?
I would like to add that the listing agent is affiliated with a nationally renown agency and it strikes us as odd that he/she does not know the rules of the MLS. My SO and I (not our agent) believe that the listing agent has a buyer and is still in the negotiation phase of the deal. . .and does not want it sabotaged.
...Nothing worse showing a buyer client a home that is not really available to purchase. One of my pet peeves that I will turn in sooner than almost any infraction.
One of my peeves too. Showed a home this last week, client wanted to make offer, called agent who said he had an accepted contract. Still showing active 3 days later.
One of my peeves too. Showed a home this last week, client wanted to make offer, called agent who said he had an accepted contract. Still showing active 3 days later.
I can understand weekends getting in the way of updating MLS records but not during the week and not taking days. I've had many I've inquired about to find out there is a contract and a week later it still shows active.
I showed a buyer this summer an "active" home that when we walked up to it the moving truck was in the front yard and the new buyer said they had closed the day before.
Nothing like agents who don't update their listings. You just hope they get what goes around.
Most MLS's have stiff fines if listings are not updated within 72 hours of a status change...and if you can prove it, so much the better. Bottom line. Write a strong offer with as few contingencies as possible. Go in with your highest and best. Your agent can request to be there upon presentation, if seller allows. That could be the catalyst that wins...especially if a relo co owns the house. They are just looking for the money.
Thanks everyone for the advice. . .5 days later, and the listing is still showing active. SO and I have discussed making a backup offer and are looking at submitting it by the end of the week. I understand that the backup offer may not come to be but we would definitely like to give it a shot.
And thanks LynnKK for mentioning the idea of our agent being present at the time of presentation. I think that this would be very wise. . .especially if the listing agent has a hidden agenda. Unfortunately, my SO does not think that it is a good idea to have our agent aggressively pursue the "active status" issue or be present at the time of offer presentation. He is concerned about the agency's position with the relocation company--we think that they are a principle broker of the Cartus Network.
Can someone explain how relocation companies operate and the potential risk(s) involved with making a backup offer (and having our agent present)?
I apologize for all of the questions. We know that our agent can help us with this but we would like to hold off on discussing it with him until SO and I are in accord.
Can someone explain how relocation companies operate and the potential risk(s) involved with making a backup offer (and having our agent present)?
It's still not clear as to why this place continues to reflect as an active listing when there is a contract on it. This is a clear violation of board/MLS rules in my area. I am not buying the "common practice" thing. Makes me wonder if the listing agent is also representing the buyer. Something like this is easily accelerated to the managing broker at the listing agent's office, for resolution as well as the local real estate board.
It's not clear if you have actually seen this place or not or how close you are to making a back up offer.
As it relates to Cartus.....the listing agent is either working with an in house Cartus rep or Cartus who in turn, is working with the sponsoring company and/or seller. All that matters is the bottom line and certainty of closing. Assuming the place is vacant, they want a quick close.
Presenting a back up offer is a matter of timing.....and this is where your agent has to know the current status of the first offer and why it conflicts with the MLS status.
There are no face to face negotiations when a relo company is invilved. You can ask that a Cartus rep sign off on your offer, if that is not a common practice in your area.
It's still not clear as to why this place continues to reflect as an active listing when there is a contract on it. This is a clear violation of board/MLS rules in my area. I am not buying the "common practice" thing. Makes me wonder if the listing agent is also representing the buyer. Something like this is easily accelerated to the managing broker at the listing agent's office, for resolution as well as the local real estate board.
It's not clear if you have actually seen this place or not or how close you are to making a back up offer.
As it relates to Cartus.....the listing agent is either working with an in house Cartus rep or Cartus who in turn, is working with the sponsoring company and/or seller. All that matters is the bottom line and certainty of closing. Assuming the place is vacant, they want a quick close.
Presenting a back up offer is a matter of timing.....and this is where your agent has to know the current status of the first offer and why it conflicts with the MLS status.
There are no face to face negotiations when a relo company is invilved. You can ask that a Cartus rep sign off on your offer, if that is not a common practice in your area.
Regarding the bold text: SO and I feel the same way. Immediately after our agent relayed the information to us (on Friday), we agreed that the listing agent was probably representing the buyer. It strikes us as odd that the listing agent would continue with the active status despite the inquiry. . .we speculate that she wants to cover her bases since she only has a total of 2 listings. She did tell our agent that the offer on the home was "strong. . .but he could still show us the house." That sounds a little corrupt to us, but who are we? We may not know the rules that govern agents, but we are definitely not dumb as she thinks.
Our agent is a good guy/friend who loves the smell and taste of money. But he definitely does not like to waste his time. Perhaps he was persuaded by the listing agents spiel about the "strong offer". . .which may be the reason why he suggested that we wait it out. But how hard will that be since we cannot keep up with the status of the listing?!
My SO and I just discussed the situation and we are going to have our agent contact the listing agent tonight and schedule a showing for tomorrow. If the house meets our standards in person (it shows very well online) then we will make a backup offer at that point.
The home has been on the market for quite some time. . .and it wasn't until 3 weeks ago that it came back on the market as a relo and priced $70,000 less. After seeing the price decrease, we decided to get financing and everything squared away so that we could make an offer asap. We are not tied to a home and have down payment ready. We are in a lease that ends in July but are willing to cut ties with it for the right home. . .and this home fits that criteria.
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