This week’s Title tells all: If you have an executed contract, the listing should be in Pending with subject to inspections, third party approvals, etc. It should NOT be Active! It could also be Pending Back-up – signaling to all that your seller is accepting back-up offers should the first falls through. I called 4 active listings yesterday only to find out they all were Under Contract. One listing I called, the agent said there were 3 offers on the table. Unless my Buyer wants to get into a bidding war, I suggest they decline to make an offer. Many agents don’t know how to handle a multiple offer scenerio, and in some cases, I have seen Buyers file a lawsuit against a Seller and the listing agent for (as their lawyer claims) torturous interference of a contract.
So to all my Fellow REALTORS out there, I know in many areas the inventory is thin or non-existent, but to save us all time and effort, please be upfront and following MLS Rules…is your listing Active or Pending?
Until Next Monday….