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Personal Finances / Buying or Selling a Home


Subject:  Re: Selling: more of a rant than anything Date:  3/5/2013  11:02 AM
Author:  aj485 Number:  124940 of 128866

Why stop showing a home prior to any particular offerror's contingencies clearing, and earnest money going hard? It ain't a deal until the check clears, but there ain't even a commitment until the earnest money is "earnest."

In my experience of selling homes (7 of my own and 4 inherited) once the status changes to 'pending' or even 'pending, taking backup offers' - it's generally not that the seller is unwilling to continue showing (although some sellers are very happy to not have to keep their home in show-ready condition, so they may be unwilling to show), it's that the buyers are unwilling to look. In really hot markets, this may be different, but my most recent sale was into a pretty hot market (11 showings scheduled in the first 4 days, under contract in 4 days, closed in 33 days) and the showings being scheduled dried up as soon as the 'pending' status went up - I only got one more showing request scheduled, and that was on the same day that the status got changed, so it may have been before the status actually changed.

When we're showing rentals, we keep showing & taking apps until we have an applicant who's moved in. We take diligence/credit-check/app-fee checks with each rental app, but only cash the 1st keeping the rest on standby in order of arrival priority.

Different process, often with the 'pending' status being unknown to the potential renter until they actually come to view the property and attempt to submit the application.

OT - what do you do with the 'standby' checks once a renter moves in? Return them, destroy them, something else? Personally, I don't think I'd bother to fill out a 'standby' rental application if I had to leave a check.

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