Is *SOLD* the same thing as *UNDER DEPOSIT*?
To me this is VERY misleading, and needs to be addressed. I received a postcard today from a realtor, farming this area. On the postcard it states where a condo in my complex HAS BEEN SOLD. As I mentioned I received the postcard today. This condo was listed on March 21 as being ACTIVE, 18 days later it is under contract/deposit... kudos to the realtor.
I know the market is turning around.. but this quick? So I went online, and saw that this condo is *UNDER DEPOSIT*, not sold.. not closed. What happens if something goes wrong during the home inspection.. or for some unknown reason the buyers can't get a mortgage.
Don't get me wrong.. I'm glad that the sellers have their unit under deposit.. and once again, kudos to the realtor. However, isn't this puffing your wares a little too early.
Wouldn't you have to have the postcards made up, prior to the condo being under contract?
My question, is who is kidding who.. this condo isn't SOLD, it is under deposit/contract. It states this right in the MLS... under deposit. There is a difference between SOLD, DEPOSIT/CONTRACT, and CLOSED, right?
With advertising like this, is it misleading the public?