Your listing says "Active" but it's really pending? - Do Your Job!

Canton, Georgia, just north of Altanta in the beautiful foothills of the Blue Ridge Mountains is a hot bed of real estate activity.  During the "boom" Canton was billed as a lovely bedroom community for commuters, sales executives and anybody who wanted "more for their money."  As you may well imagine, many homes were sold on the hopes and dreams of a bright future with strong, steady income and the promise of increasing equity.  Needless to say, many of those homeowners were unable to see that dream through.  Over the past four years our team has focused on REO properties.  Our team has been "fortunate" enough to build extensive portfolios with Bank of America, PMH and many other Asset Management companies.  As an "insider" please allow me to explain why all of those bank-owned properties that show as "Active" for weeks or months may not be available, yet they are not actually "Pending" either. 

Banks and Asset Management companies often assign properties for BPO's or Pre-Marketing before ever listing the property.  The Agent then has the task of helping the AM prepare the property for the market.  This may take months or it may be reassigned or taken to auction.  In the event that the property is allowed to be listed, it will be placed on listing site.  Currently, the number of desirable properties on the market is low, so many listings are recieving multiple offers within a couple of days.  When the AM calls for "highest and best" the deadline is the deadline.  And even though they may "select" an offer, it is not pending until all of the paperwork has been submitted to the AM's approval, all docs have been signed and the contract has been accepted.  This process may take weeks or months.  All the while the listing appears on the Listing Site as active.  Realtors continue to show the property and buyers continue to seek it out on drive-by's and syndicated sites. 

So what is the solution?  Unfortunately, a text or call to the listing agent is the only way to find out if the home is still available.  So please be patient with the bank's agent, they are doing the best they can and working with agencies that seem to make their own rules.  It will serve you and your Client if you take the time to call or text the listing agent on any bank-owned properties that you may be showing.