“Sold Rented, No More Showings”
When is a rental property officially “spoken for,” and therefore off the market?
A. When the prospective tenant signs the lease.
B. When the landlord deposits their security deposit and first rent check.
C. When the landlord completes the tenant’s background check, including credit history.
D. When the tenant moves in.
Answer: “B.” probably, but definitely not “D.”
Rental Contingencies
In a market where more would-be home Sellers are simultaneously offering their properties for rent, the foregoing question is coming up a lot more.
Specifically, would-be Buyers (and their agents) don’t want to waste their time on a property that’s already spoken for; ditto prospective renters and any agents they’re working with.
Meanwhile, owners are reluctant to turn away interest until they know for sure they have a done deal.
Look for MLS to step in and provide more authoritative guidance on this one in 2012.
P.S: At least on the pure “For Sale” side, this problem doesn’t arise; by convention, a listed property on MLS is switched to “Pending” once the Buyer has removed their Inspection Contingency.
At that point, no more showings are allowed.
