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Contributor
Liza1959
Posts: 35
Registered: ‎05-20-2012
0

When should a listing be marked contingent/pending

 

I put in a bid on a foreclosure & my bid was accepted - Yay! ( I have looked at a MIn. of 50 homes)

 

We are at the stage where I have signed Addendum #1 to Contract of Sale & Property addendum.

 

The Sellers Realtor is dragging his feet on where to send the Earnest money.

 

The house is still showing Active.

 

I really don't like the idea of other people going through this home (I've seen some horrible things being

done as people view the homes).

 

When should this house be taken off the market?

 

Thanks

Contributor
JayKlosinski
Posts: 17
Registered: ‎03-01-2012
0

Re: When should a listing be marked contingent/pending

Hiya, 

 

That depends on your area and the MLS rules for that area. 

Here in the Chicago area where I am, MLS rules provide that we must show the property as contingent as soon as there is a contract on the property.  depending on the contingency, it may be shown as "contingent-short sale", "contingent- A/I" (attorney approval or inspection),  "Contingent- Financing" or "or pending" If your area rules are the same, once you have an accepted contract, they shoudl remove it from the active listings. That being said, if you got a bid accepted by the bank, they will in most instances honor the agreement and usually will not show further. I would contact your agent and have them ask the listing agent to remove it from the active listings.