Author: Patricia Feager, 2/11/2018
I found a house I really like, can you show it to me?
Buyer's Agent says, "It is already under contract."
WHY DO HOUSES SAY THEY ARE FOR SALE WHEN THEY ARE NOT?
- The only reliable source is the MLS.
- Only licensed Agents (members of MLS) have local MLS access.
- Licensed Agents don't have control over updating syndicated websites.
- Other sources may or may not be up-to-date or current.
- Property may have sold but once it's out there, it may be there forever.
- Property may be off the market, status in MLS changed but not elsewhere.
- A Relocation Company may instruct Agent not to change status until closed.
- Property could be owned by the Bank. It doesn't close until it closes.
WHY DO SOME AGENTS CONTINUE TO SHOW WHEN IT'S UNDER CONTRACT
- Property may be in the Option Period - Buyer has options per the contract.
- Property hasn't received final clear to close by Lender.
- Contract has a contingency which gives Buyer and/or Seller options.
- Seller may want Back-Up Offers - SELLERS WORK FOR THE SELLER
- Listing Agenty may want to pick up prospective Buyers.
IN TEXAS WHO SHOULD THE BUYER TRUST
- Buyer's Agent - They work for the Buyer.
- Buyer's Agent - They work for free unless there's a fee Disclosure
- Broker for the Buyer's Agents.
- TX licensed Agent who is a member of the MLS