Why Most Buyers Skip Seeing Homes Under Contract But Not Past Inspection
For the benefit of home buyers, sellers, and at least a few Realtors, herewith is a key explaining when home showings are still allowed under various MLS statuses (abbreviations in parentheses):
“Active” (“A”): showings allowed (the more, the better!).
“Active, Subject to Inspection” (“A,i”): depends what the Inspection Contingency provides. Some Buyers check the box on page 2 allowing . . . some don’t.
“Temporarily Not Available for Showing” (“TNAS”): the name gives it away (nope).
“Pending“: also “no.” Once the Buyer removes their Inspection Contingency — or waives it altogether — no more showings are allowed (at least as residential real estate is sold in Minnesota).
Practical Considerations & Moot Points
Practically, whether or not a home that’s under contract can still be shown matters less than most anxious “incumbent” Buyers (i.e., the ones about to do their inspection) would suppose.
That’s because changing the home’s MLS status from “A” to “A,i” has a chilling effect on showing requests.
The reason for that is because most inspection issues get resolved: Sellers can either take their lumps with Buyer #1, or update their disclosure and have all future Buyers discount for any discovered defects.
Johnny & Jill Come Lately
As a result, one of two outcomes is likely when a subsequent Buyer sees a home that’s sold, subject to inspection: 1) they don’t like it, in which case it doesn’t matter that it’s spoken for; or 2) they do like it, in which case they’re be going to be seriously disappointed that they’re too late.
Veteran Buyers’ agents like to avoid either of those scenarios. 🙂
P.S.: once in awhile, agents will want to see an “A,i” home, to better learn the market and prevailing prices.
That’s helpful if they have a Buyer interested in the area, or, have an upcoming listing nearby.
It can also be important if they have a “Pending” listing that’s about to be appraised by the Buyer’s lender.
