Regular Visitor
julie-h
Posts: 9
Registered: ‎09-11-2009
What does "delisted" really mean on redfin?
I noticed that when a listing changes to "delisted", sometimes it shows up as "sold" in a month, sometimes it may just be pulled off the market. How can I tell if a listing had went under contract. I seldom see a listing goes to pending/contingent. Why is that?
Gold Regular Contributor
Matt
Posts: 2,196
Registered: ‎07-02-2007
Re: What does "delisted" really mean on redfin?
Unfortunately right now we don't have the ability to tell you if it's been delisted because it sold or because it was taken off the market. Look for an update to our site around the end of October that will give you more information on what happens when something is delisted.
Matt Goyer
VP of Marketing Operations | matt.goyer@redfin.com | 206-859-2843
Twitter | My Seattle Condo Blog
Super Contributor
Angry_Minnow
Posts: 349
Registered: ‎05-16-2008
Re: What does "delisted" really mean on redfin?

How can I tell if a listing had went under contract. I seldom see a listing goes to pending/contingent. Why is that?

Redfin elects not to show pending properties.  I just go to www.windermere.com and check there - they'll show the status updates from "Pending Inspection" > "Pending" before it drops off when the sale closes (usually about 45 days later). 

 

If it drops off your favorites and is also not on Windermere, that almost always means it was pulled from the market.  It's also helpful because sometimes the status is "Pending BU (back-up offer) Requested", which means it could still be possible to write an offer if you are interested in the property.

 

 

Super Contributor
Muppet
Posts: 293
Registered: ‎09-15-2009
Re: What does "delisted" really mean on redfin?

AM... why wouldn't any agent put pending backup offer requested although I have never seen Pending BU requested.  Because if you get a backup offer, your leverage goes way up as a seller.  The buyer can't jerk you around as much during inspection because you have more options.

 

 

Regular Visitor
julie-h
Posts: 9
Registered: ‎09-11-2009
Re: What does "delisted" really mean on redfin?
Using Windermere seems to work. THX.
Super Contributor
Angry_Minnow
Posts: 349
Registered: ‎05-16-2008
Re: What does "delisted" really mean on redfin?

Muppet wrote:

why wouldn't any agent put pending backup offer requested although I have never seen Pending BU requested. 


I've seen it used several times.  I think it's typically used when a buyer has questionable financial wherewithal (and more than half of those I've seen use it have fallen through).

 

As for why it's not used more commonly, I don't know (perhaps a realtor on the forum can answer).  I'd suspect in part it's because it's a pretty new MLS status and agents may not be used to using it.  There may also be some psychology in it - it sets up a little more adversarial position between buyer and seller, and in a market with few buyers, some sellers may not feel comfortable doing that.

 

 

Gold Regular Contributor
Matt
Posts: 2,196
Registered: ‎07-02-2007
Re: What does "delisted" really mean on redfin?
We can't show pending inspection listings (per MLS rules) unless they are ours. Since Windermere has 50% market share it will appear that they can show a number of these listings.
Matt Goyer
VP of Marketing Operations | matt.goyer@redfin.com | 206-859-2843
Twitter | My Seattle Condo Blog
Redfin Staff
JimLamb
Posts: 448
Registered: ‎07-31-2007
Re: What does "delisted" really mean on redfin?

Quick followup to Matt's post.  There have been recent MLS rules changes that have loosened up many of the rules around displaying pending/sold listings.  Starting with our next release, we'll be able to show pending and sold listings from all brokerages.  Pending listings will have the complete set of MLS data, while the sold listings will have a subset of data (onle 1 photo).  As always, we'll show as much as the MLS will allow us for each listing.

 

Expect the changes in late October.  I'll post here when they are live.

 

Jim Lamb | Product Manager

Jim Lamb | Redfin Product Manager
Super Contributor
Muppet
Posts: 293
Registered: ‎09-15-2009
Re: What does "delisted" really mean on redfin?

Thanks Matt and Jim.  Another reason why I love Redfin.  They are making positive changes to the real estate industry to clean up this dirty, dirty industry.  Not that Redfin brought on this specific change, but there have been many positive changes that Redfin has made or influenced

 

I can't think of a single reason why it would be advantageous to the customer to preclude companies from not being able to show the listing as pending.  It only serves to protect the marketshare by establishing a barrier to entry into the market which is monopolistic in nature. 

 

Good change for the overall benefit of consumers.