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From Active to Pending

I never thought much about when you turn your listing from Active to Pending.

I was talking to another agent wondering why a listing of his, that I am the buyers side is not advertised as pending after the offer to purchase is signed by both parties.

Other agent - Says he does not turn any listing to pending until all contingencies are completed and that he will continue to market the property. But he would change the listing from Active to Active - Taking Back Up Offers then to Pending after all contingencies are met.

I do not know about most agents, but I do not even show Taking Back up Offers. Normally I tell my clients that Taking Back up Offers means that if something falls through then the property will be back on the market, but until then it really is off the market and you cannot move into it right now and putting a bid on it will not help you until it is back on the market for you to move in the next 30 days. I would not count on this one in your search.

With that being said, what good really is Active - Taking Back Up Offers ?

Posted by Susan Trombley Re/Max Broker Raleigh NC & Surrounding Areas on 11/01/2006 06:53 PM

Comments (2)

taking back up offers, raleigh real estate nc

2 Comments on From Active to Pending

Hi Susan, In a busy market, taking back ups can work. I have been on both sides of this. I have had listings with several back up contract a and I have placed a back up offer on a house for buyers of mine. The buyers ended up getting the house. In the current market where there is lots of inventory I don't know if they would get buyers willing to be in aback up position, but you never know.

11/01/2006 07:02 PM

by Bryant Tutas-Tutas Towne Realty, Inc

In our flat market, it's usually a waste of time to write backups-there is so much inventory for buyers to select from that they might lose another great house by waiting in line for the one. Our MLS is having a big problem with agents not updating status, which is required within 72 hours before you're in violation. With that being said, i still call listing agents to find out what exactly needs to happen-there are some agents who don't know what the contract means (i know, it's shocking)-and if it's contingent on sale I will still show and write an offer. Like you mentioned, though, depends on the buyers-most don't have 30 days to kill once they're ready to pull the trigger.

11/01/2006 07:39 PM

by Leigh Brown Charlotte NC Broker/Owner (RE/MAX Signature Properties)

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