There is a lot involved in buying a home. Most consider a home a place to live but also a big financial decision. Even after buyers are pre-approved and ready to go they are not ready for the emotional roller coaster ride most experience as they go through the home buying process. We do the best we can as Realtors to make the ride as smooth as possible. (I see one bad pun in this already. It could be worse but I am trying to be serious)
One thing that really bothers buyers is when they find a home, make an offer, we negotiate, they have an inspection, everything is signed and sent to the lender and the closing is scheduled but . . . .
They go on the internet and look up the home that they have a contract to buy, the one that is just right and that took awhile to find, the one they just love and it is still for sale. They call me, or send me a note because they are concerned. If their offer was accepted why is the home still for sale? Is it going to be sold to someone else?
First let me explain that once the offer has been accepted by both the buyer and the seller and the contracts have been signed the seller can not turn around and sell the house to some one else. That is what the buyers really want to hear from me so I get it out as soon as I can. Technically the seller could accept offers up until the closing but they almost never do. If they did get another offer they could not sign the contract because they already have a contract with the buyer which would have to be canceled by mutual agreement.
Does that make you feel better? I hope so because I don’t want you to worry about this. You have enough on your mind. I could go into a lengthy post about how occasionally contracts are broken but it is rare. Most sellers are thrilled to have it over with and have their calendars marked with the closing date and may be planning on closing on a home they just purchased.
After a seller has accepted an offer and has a contract the home is usually put into the "pending" status in our MLS. That means that a closing is pending, and the home will not longer show up on web sites as being active or for sale.
Homes under contract do not always get put into the pending stage as quickly as they should.Each office has different procedures for changing the status of a listing. There are all kinds of reasons why a home may be still listed. Your best bet is to ignore it and think about calling the movers instead.
Here are some tips from lender Larry that will help you through the mortgage roller coaster ride. Read: What not to do once you have started the Mortgage process This guy is good, I am just wondering if he knows what day of the week it is.
They made me go to the Mall of America, the picture was taken in the Mall’s amusement park. T at the mall, probably best left for a Friday post.