IS *SOLD* THE SAME THING AS *UNDER DEPOSIT*?

By
Real Estate Agent with Johnson Real Estate, Inc. RES.0761759

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?

 

Posted by

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Valerie Osterhoudt, ABR
(Accredited Buyers Representative)

Is a Full Time Realtor® with with Johnson Real Estate, in Cromwell, CT who specializes in Homes and Condos For Sale in the Middlesex and Hartford Counties in CT.

VALERIE OSTERHOUDT REALTOR IN CROMWELL CT

valerie osterhoudt

Valerie Osterhoudt, ABR ~Johnson Real Estate, Inc.
cell:  860.883.8889

email: Valerie Osterhoudt, ABR

website: www.CTrealtorMLS.com

 

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Topic:
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Connecticut Middlesex County Cromwell
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Advice for Sellers
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Rainmaker
3,267,597
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Valerie -- I definitely wait until the purchase has actually recorded with the county -- then it's actually sold -- then the postcard(ready) is sent.

Apr 13, 2012 02:48 AM #2
Rainmaker
1,014,488
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Really almost anything can happen after we enter contract.  So no I probably would not use sold.

Apr 13, 2012 02:50 AM #3
Rainmaker
597,884
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

I've done some more checking into the *status* of other *SOLD* properties on this postcard.  Seems there is yet another listing that is *under deposit* that this realtor claims as being SOLD.

Apr 13, 2012 02:56 AM #4
Rainmaker
597,884
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Karen.. That is my concern.  There are too many issues that could go wrong. 

Apr 13, 2012 02:59 AM #5
Rainmaker
597,884
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Michael.. Then you agree, that this is premature, and misleading to the general public?

Apr 13, 2012 02:59 AM #6
Rainmaker
597,884
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Tim.. Should anything go wrong, and the property did not close, this would not only look back to this realtor, but to the rest of us in the profession.  Imagine how the seller will feel.. thinking it is closed, when only they are now back to square one.

Apr 13, 2012 03:00 AM #7
Rainmaker
3,267,597
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Yes, definitely premature -- as we know, anything can happen on the road to closing.   

Apr 13, 2012 03:01 AM #8
Rainmaker
597,884
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Michael... I like the idea of showing *activity* on a postcard.. we all would like to see the market turn around more quickly than it is.  BTW.. thank you for coming back and leaving an additional comment.

 

Apr 13, 2012 03:06 AM #9
Ambassador
2,553,240
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Valerie, there's nothing wrong with tooting your own horn, but it's best to do it when the audience has shown up and not necessarily during the warm ups. The conductor may decide you're not needed today, and then there's a lot of explaining to do.

Apr 13, 2012 05:46 AM #10
Ambassador
3,759,558
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Valerie, that is taking a big risk of walking away with egg all over their face if it does not close.

Apr 13, 2012 08:21 AM #11
Rainmaker
597,884
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Ed.. This reminds me of our VP at Grolier years ago.  He claimed a bonus on books that weren't even published yet.  It caught up with him... sure it will here too.

Apr 13, 2012 09:15 AM #12
Rainmaker
597,884
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Geroge.. It is the same realtor that is giving away a *free iPad or TV*... figures doesn't it?

Apr 13, 2012 09:16 AM #13
Rainer
32,008
Garry Edwards
Exit Realty Lucky Associates - Newark, NJ
GRI, CDPE, e-Pro

Valerie, these agents are playing with words. When they say "sold" they give the impression the propery has closed. I guess to them "sold" means they have buyer who has put a deposit/contract on the property. This is misleading and will come back to "bite" them.

Apr 13, 2012 11:20 AM #14
Ambassador
2,189,058
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Valerie, I would not advertise properties saying'under contract' but rather when they are closed and recorded. You are right, anything could happen during due diligence...and it usually does!

Apr 29, 2012 02:41 AM #15
Ambassador
413,437
Emily Medvec Qualifying Broker
Hello Realty - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM
Agree! Clear misrepresentation and just adds to why people often do not trust anyone in real estate. Why not join the new FAQ contest and why a post on what Sold means or send out a postcard directing folks to your blog and market reports. Stay positive and try not to let these kind of things slow you down!
May 09, 2012 11:46 PM #16
Rainmaker
1,115,854
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

There is a reason -- and sometimes many reasons -- why real estate agents aren't the most admired profession in the nation.

May 16, 2012 01:44 PM #17
Rainmaker
3,098,042
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hi Val,  How are you doing, miss seeing you here in the rain.  Hope you have a great holiday.

May 27, 2012 12:56 AM #18
Rainmaker
372,800
Terri Poehler
Realtor - Coral Springs, FL
Coral Springs Real Estate Agent

He'll just have to send cards out all over again if it turns into a 'do over'.

May 30, 2012 07:50 AM #19
Rainmaker
447,325
Dee Toohey
Innovative Realty Solutions Group - Longwood, FL
Broker, ABR, AHWD, CIPS, FMS, ePro

In our market, agents do the same thing!  I see SOLD riders on signs instead of PENDING riders all the time.  It's deceptive, we all know it.  And it's an ethics violation. 

I see no logical reason for this because so many contracts don't close.  It's better to wait until closing to advertise that a property is sold.

It's difficult to educate the public with all the misinformation on the Internet.  So many sites pull your listings to market them but don't update price/status changes.  All we can do is concentrate on doing the best we can do and not bad mouth others that don't always do the right thing.

Jun 03, 2012 10:14 PM #20
Rainmaker
430,921
Frances C. Rokicki
Fran Rokicki Realty, LLC - Bolton, CT
Broker-Mentor,CRS

Valerie, This has happened to me, so, I thought I would share with you.  I have sold and closed properties.  Not always my listing.  However, after the closing it is legal and appropriate for you, as the selling agent to advertise that sale.  The mls was incorrect.  It happens.  Deemed reliable, but not guaranteed.

I have, also, had other agents declare that they sold my listings, when in fact, they were not the selling agency or agent.  I have seen ads, online, from other agencies, advertising my listings!

Little bumps in marketing, here and there.  Funny, my clients are the ones who call to let me know when other agents are marketing my listings!  Little do those agents know, they just reaffirmed my client's trust in me!

Jul 20, 2012 10:17 AM #21
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Rainmaker
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Valerie Osterhoudt

ABR, Cromwell, CT Real Estate ~ 860.883.8889
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