Don’t get too excited about that cute cape or spiffy colonial you listed online. It may not really still be on the market after all.
More than a few homes are being listed as active on popular real estate websites when in fact they are all but officially off the market, under agreement to a buyer but not yet officially sold.
Fortunately, come May 21, MLS PIN will close this loophole, giving buyers a more accurate picture of what is actually for sale and what is under agreement and off the market.
Yet it all comes a little late, with the spring selling season entering the fourth quarter here.
To blame is an oddity in the way MLS-PIN, the real estate industry controlled data service, has reported this crucial info.
Brokers using the data service get the full-story, with flags next to homes that are under agreement, but still have a contingency to clear before the sale goes through.
Sure, some of these are serious contingencies and could very well preclude a sale from going through, but many are simply pro forma and are not likely to have any impact.
But by the time the listing gets to your favorite real estate website, these homes that are under under agreement, but with some minor contingencies, are simply displayed as active listings.
There’s no mention that another buyer has already has inked a purchase and sales agreement to buy the home. Anyone looking at it would think they could just call the broker and go on a tour.