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Off Market?!
My husband and I are under contract for a SS. We were put "under contract" on 9/8. We are still waiting on SS approval. My question is, if the house is under contract aren't they supposed to take it off the market? When we did the inspection, there was still a huge for sale sign on the lawn. Not to mention, Remax still has it listed as available and can even call the sellers realtor to see the house. We spoke to the owners about it and they said that they weren't even aware that we were under contract!!! My realtor has called the sellers agent multiple times about this issue but she keeps saying that they told the website to take it off the market (its now been 15 days). I guess it just bugs me to go online and see our dream home still up for sale when we know its under contract..Is this worth worrying about?
Re: Off Market?!
We spoke to the owners about it and they said that they weren't even aware that we were under contract!!!
Um....the sellers *signed* the contract, right? You guys do have a copy of it?
But as far as the listings go, they can take forever to come down. It was months before the websites listed the house we had as officially sold.
This seems the norm right now. The house we were selling was changed to "under contract" on the MLS but never changed status on any of the real estate websites. Our realtor just told people that called that it was under contract and took their info. It worked out for us because our seller changed his mind a week before closing and our realtor called back the people that had called expressing interest.
As far as the sign goes, they are not going to take the sign down until it is sold. Sometimes they put an under contract sign up but not usually that I have seen. We didn't on our house. No biggie.
Not to put a damper on your excitement, but you aren't "under contract" on the short sale until it is bank approved, the seller can agree to anything but it doesn't mean it will be approved by the bank. So in the eyes of the realtor you aren't under contract yet.
They still had the house we bought as "Available" until after we closed and had the keys to the house, and this was two years ago that we bought so it isn't something new. There are buyers that are falling through that REA want to be able to keep drumming up business in case the buyers do fall through. That way they have a Plan B and don't have to start their marketing approach all over again.
Has the bank approved your SS? Do you have a signed contract with the sellers? That is what would concern me more than worrying about the house still having it be listed as "Available" or a "Fore Sale" sign still on the lawn. If you don't have a bank approval of the SS or even a signed contract with the sellers, then yes, the house is still available.
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Sellers can still market property and take back up offers which a lot are doing these days, especially with short sales. We are seeing a lot of buyers either pull out or don't get final mortgage approval so it is pretty common to keep property listed for sale accepting back up offers.
Also agree w/pp about bank approval of short sale. Just because the sellers have agreed to the sale does not necessarily mean the bank will approve the sale. Only about 20% of short sales actually end up closing, so it might be good to have a plan B just in case.
The house we sold this week was under contract for about 2 months before it was sold. We never had a "pending" sign out front and our realtor continued to get inquiries about our house. As a seller, it was in my best interest to keep that sign out front to have interested parties in our back pocket if the deal fell through.
That said, the house we are buying was taken off the market the day we put in the offer - off the web, "sold" sign out front, etc. It bothered me a bit that they had that much faith in us getting their house. It's all working out in the end, but I don't think it was a smart move on their part.
Neither were short sales.
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Added: Like previous posters said, they are always looking for backup offers. Plus I must have misread your post the first time, if the bank hasn't approved your short sale then no, you are not under contract.
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Like PPs said, this is unfortunately the norm. When our home underappraised we were told from the sellers that they had another offer on the house and if we didn't accept their compromise on the selling price, they would walk.
We closed on our house on the 26th of last month and it's STILL on some real estate sites as for sale.
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We close on our house one week from today, And all websites still list it as available, and about $14k more than what were paying. I think they just take forever.