Why Pending Sales Do Not Belong on Social Media

All good points. I went back through my blogs to see if I was guilty of this. I did have one post announcing it was “pending,” but that was just to update how my first experience with burying a St. Joseph statue went. It wasn’t a public post, but a member-only one. I also comment on AR posts celebrating a pending or under-agreement announcement since they had successful negotiations to reach that stage.

Gwen Fowler SC Lakes & Mountains 864-710-4518 - Every single licensed Real Estate Agent should read this and understand what the word Pending means and why it doesn't belong on Social Media.

There are too many Agents trying to toot their own horn about how good and quickly they get properties under contract and put their sellers at risk for not getting second offers in case the first one doesn't go through successfully. 

The status of pending sales also is defined differently in various markets as well. If an inspection is to be done (rare in my market because so much of it overlaps with attorney due diligence), it's going to happen before the deal goes into contract- and any issues with either will have already been settled.  Further- most deals here are all cash- so no issues with banks or appraisals in so many cases. We do have the additional complication of co-op board approvals- where the co-op board has the ability to reject a buyer. There was an instance last summer, and it made headlines- where a social media influencer announces she is buying Babe Ruth's former apartment- before getting approved by the co-op board...and this likely caused the board to reject her. She wound up buying a condo instead (which I would have recommended to most social media influencers for exactly this reason to begin with). 

It rarely hurts to lean on the conservative approach by staying quiet until a deal closes. My own personal take on the matter- it depends on the risks associated with the deal. Low risk- I would prefer to promote the sale. Mid/Higher risks- let the deal close first.  

I used to put up a magnetic sign on my sign stating PENDING, so buyers wouldn't still think it was available, but then one came back on the market.  The neighbors all thought it had something to do with the sellers, so never did that again.

Gwen, I have never used any pending announcements on social media. Hey, you never know!

Your post makes perfect sense, Gwen.

So many things can go wrong (and do), that it's important to continue marketing and advertising the listing online until closing and recordation takes place!

Good morning Gwen. "Pending" seems to have different definitions depending on your location and MLS rules. When active notifying the board it had a contract subject to satisfaction of contingencies was required. As for letting the public know through social media it seems premature. Enjoy your day.

Good morning, Gwen... I don't do a pending signing until my contract is out of due diligence period. However, since we are obligated to update the status in our MLS within 48 hours, that information is already all over the web even before the due diligence period has ended. So I have no problem putting an announcement out once I feel I have a solid contract.

Good Sunday morning, Gwen. This is good advice to share.

Have a productive week.

Hi Gwen! I agree with Nina Hollander, Broker.  It’s already all over the Internet anyway, and it gives me the opportunity to share my ‘Oops Too Late’ announcement and let the public know that we are searching for a backup offer for the sellers. 

Sellers love the announcement and love that ‘Oops Too Late’ sign topper also. After nearly 25 years, I have never had an incident because I advertise a pending sale.

Good morning, Gwen,

I'm with Nina Hollander, Broker and Debe Maxwell, CRS  on this one. My sellers always want me to get the word out and since I have to post it in the MLS it's all over the internet. It gives me the opportunity to share my ‘Oops Too Late’ announcement and let the public know that we are searching for a backup offer for the sellers, so I want to capitalize on the celebration! My sellers definitely want the rider sign up! 

Gwen Fowler SC Lakes & Mountains 864-710-4518  This is such a well-written post and an excellent point of view. Thirty years ago, some agents used to put sold signs up when a property went under contract.

I do use my "Too Late" when we have a ratified contract. It has become my trademark, and sellers request it.  But I also agree that you could have egg on your face if you share too soon.

Small or big complications can arise between the date the offer is being accepted and the closing date, so , yes ....... 'closed is the only milestone that counts'.