Seattle

[Mtndude]

Does the MLS have a rule about how lobeef after a offer has been accepted to change a property's status to pending?

[KathiKB]

Mtndude,

There is a MLS rule that says that the listing broker has 24 hours from the time they have accepted an offer (mutual acceptance, both parties have agreed and signed) to change it over to the pending status. I see short sales and bank-owned homes take longer, sometimes up to a week, before they switch it over. They may have accepted an offer verbally but they have additional bank forms to get signed around by all parties.

Hope this helps!

[Speedersen]

It took ours nine days to show as pending (BoA short sale.)

[ardell]

It is a courtesy to other agents with interested parties to put the property into pending status ASAP. Most don't wait out the 24 hours.

However if there are multiple offers, the seller can choose one, but spend a few days back and forthing over minor issues. It is not pending at the time a seller chooses the offer to accept. It is pending when all issues are agreed upon in writing. 

I call that "signed around".

Once in a blue moon I see a Listing Agent having an Open House after the seller has accepted an offer. It happened to me once when my client's offer was accepted and fully signed around on a Friday night and the agent was still holding Open House on Saturday and Sunday instead of cancelling the Open Houses.

I put a big SOLD strip on the sign...which I don't usually do, so the Open House attendees would know that there was an accepted offer. It created a lot of chaos...but...well, what do you think? Should there be an Open House after the seller accepts your offer???

How would you feel if the house you just opened escrow on was having an Open House?

[seatowner]

For a Seller there is nothing wrong with getting a back-up offer.  If the first buyer is strong they shouldn't feel threatened by it.  Also, in the case of the agent holding an Open after an offer has been accepted I would say it is a good opportunity for that agent to get future buyer clients.  Two sides to every argument.