Did you know <b>50% or more </b>of the homes you see on Zillow are likely already under contract?!?
Buying a home can sometimes be frustrating. You scour the internet in search of the perfect home, only to learn that the home you fell in love with is already under contract. You might wonder why agents are so lazy? I mean, obviously they are just trying to pick up leads by leaving the listing online…
Well, that’s not exactly correct.
In Middle Tennessee agents are required to leave homes in the Active status even after the sellers accept a contract. We have do this if there is some kind of contingency in the contract that has yet to be met – it’s an MLS rule and we can be fined for not complying. Most local contracts contain some kind of contingency. Typically it is the home inspection, but it could be other things (appraisal, financing approval, foreclosure documents, another home sale, etc.).
But how do you find out if there is a contract?
That’s one of many, many reasons that you need your own buyer’s agent representative. You see, as a consumer you won’t be able to see the “offer flag” on any of the websites like Realtracs, Zillow, or Realtor.com. But as an agent who is a member of the local MLS, I can see that flag immediately:
Depending on the neighborhood, 50% or more of the homes you see online are likely already spoken for. One of the rules of our Multiple Listing Service (MLS) says that agents HAVE to disclosure the presence of a contract as soon as possible. We can actually be fined if we fail to do so.Is all hope lost if it’s under contract?
Well, probably. Most transactions find a way to close – even if there is a delay. But take comfort in knowing that our system will notify you if the property does become available again. If we have listing updates scheduled for you, and the property comes back on the market, you will be automatically notified. You should beware, however – when this happens, often times it is because an issue was uncovered during the previous buyer’s inspection period. Extra caution should be given moving forward.
Want to register for automatic email listing updates?
No problem. You can sign up here. Register For Automatic Listing Notifications