When To Hang a Sold Sign

Hi Trey....the leaning tower of Pisa...great comparison.  If I put a sold sign out, I wait until the week before closing.  I don't want to take the risk of the deal falling through and dealing with having to remove that "sold." 

For me:

When Inspections are done and all contingencies are met. I put the sold sign.  Sure, i'd love the sold sign there ASAP but with the chance of things possibly falling apart, I wait until everything has been met.

It does help continue calls to the office in the meantime although that's not my main concern. I just would rather keep marketing it until I know we are wrapped up.  I guess different states could have different criteria though.

The dictionary definition of sold is to exchange in return for money or something  else of value.  Technically the house is not sold until that exchange takes place. I place a pending rider on the house, after all inspections have been fulfilled.  I think under contract or pending serves the interest of the seller best, should it fall through.  I think a pending rider versus under contract, is softer and interested parties will call in, I can explain what pending means( many people are not sure) and tell them I would be happy to contact them should anything occur.

That way I have a perspective client  and am acting on my seller's behalf.  Should the property settle, I have a prospect that perhaps I can convert to a sale

Dottie

So I have a question for you Trey, at what time would you put out a "sale pending" sign? only after all contingencies are met?

your friend in Charlottesville

I have done all of the above over the years... I used to eace out to get the sold cap on to generate new listings in the area. Other times I have not ever put a sold cap up..... ( when sign comes down, looks like you never sold it )  :(    I have gone to placing a Sale Pending rider for a couple weeks while all inspections and contingencies are worked out.

 Now here is what I like....... Sell another agents listing and they never put up a sold cap... Upon closing and with my buyers permission.... I place one of my signs with a SOLD cap..... WoW.... I hear the phone ringing........ You sold that house fast.. they other agent had it for sale for........ and never sold it. I will tell them that I actually sold the other agents listing and my buyer wanted a sold sign in the yard.

Trey, I like the sale pending approach too but then you may steer possible alternate buyers away if the deal falls through. Definitely sold after closing if the new buyers will let you keep the sign there a week.

I do agree with your insanity of all the riders and the family on the Realtors sign. How did it all get so bizarre?

Hi Trey, You probably already know how I do it since you are my broker but since I love to get listings and tend to specialize in several neighborhoods, I put the sold sign up as soon as we have negotiated the amendment for repairs after the inspections as long as I know the buyers can get the loan.  I have found, the faster you put up the sold signs, the more likely you are to get another listing in the same area, but that's just me.  I think it just depends on personal preference.  I always learned in the prehistoric days of real estate (I've been around LONG time), that a sold sign is the best kind of sign to have up.

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