Is it Really Sold? When No One’s Home — Literally — on the Listing Side
Normally, listings progress from “Active” to “Sold, Subject to Inspection” to “Pending” to “Closed.”
So, what does it mean when a listing gets stalled at “Sold, Subject to Inspection” for a month (or longer)? (note: the typical inspection timetable is 7-10 days).
In my experience, what’s usually going on is that the home cleared inspection just fine, but that the listing broker never bothered to change the property’s MLS status.
Or, for that matter, respond to phone calls or emails from Buyers’ agents inquiring about the home (agents like this one; I just encountered just such a scenario this week).
Stale MLS Status
Two additional observations: 1) it’s usually “small fry,” one-person shops that are delinquent about changing a listing’s MLS status (vs. big brokers such as Edina Realty and Coldwell Banker Burnet); and 2) the problem is more pronounced over the holidays.
What usually happens next in such cases?
The home closes uneventfully sometime in January or February, after which the status gets switched — with a predictable lag — to “Closed.”
Corollary to the above: Sellers whose deal fell apart — either because of an inspection or financing issue — go back on the market in about a nanosecond to let the world know and find another Buyer.
