Must a selling agent OP the listing one there is an executed contract? Is there a timeframe requirement on this rule?
1,478Selling agent has not changed listing from for sale to OP by Day 3 of option- why not?
8 answer(s)
About 4 years ago
I believe it does need to go into Pending Status once the contract is executed. At that point the seller and buyer are bound by the terms of the contract.
source:
https://www.investopedia.com/financial-edge/0810/7-must-have-real-estate-contract-conditions.aspx\nhttps://www.orlandostuccorepairpros.com
https://www.investopedia.com/financial-edge/0810/7-must-have-real-estate-contract-conditions.aspx\nhttps://www.orlandostuccorepairpros.com
Like
DislikeAbout 5 years ago
However, the listing contract must have an expiration date. ... If the property is not sold or under a purchase contract by then, the seller may decide to re-list the property, perhaps with a different listing price, with the same or a different broker or agent, or not list it at all.
source:
https://en.wikipedia.org/wiki/Listing_contract https://www.polishedconcreteindianapolis.com
https://en.wikipedia.org/wiki/Listing_contract https://www.polishedconcreteindianapolis.com
About 5 years ago
Once the contract is fully executed and the checks have been delivered the listing should be placed into the appropriate pending status. Some Realtors will change the status when they receive the fully executed contract file, some will change the status only after the checks have been delivered. Status should be changed at the very least before the end of the third day after ratifying the contract.
About 5 years ago
Some agents change the status immediately upon receipt of the OP fee and executed contract. Although, the MLS rule is 3 days. Hope this helps!
About 5 years ago
The home is required to go into a "Pending" status once a contract is signed. They can delay a day or two, but typically it is required fairly quickly per our MLS rules. The home may go into Option Pending, Pending/Continue to Show, or simply Pending depending on wording in the earnest money contract. If required earnest money and/or option fees have not be delivered, that could delay the posting of the home into a new pending status. The contract must be signed by all parties and dated as well.
Always a good idea to reach out to your Realtor and their Broker if you're having specific questions about a home and its status.
Mark McNitt
MarkKnowsHouston.com
832-567-4357
Bernstein Realty
Always a good idea to reach out to your Realtor and their Broker if you're having specific questions about a home and its status.
Mark McNitt
MarkKnowsHouston.com
832-567-4357
Bernstein Realty
About 5 years ago
Great question! The link provided below shows the top rules for agents to remember in our MLS! Regarding your question, the rules state the following:
Once a contract is signed, the listing should be placed in one of the following pending statuses (PS, OP, or P) within 3 days of the signed contract, even if there is a contingency or both parties agree to allow the seller to continue showing the property.
Though our MLS does a fantastic job at keeping things coherent to these rules, it is a large task with the number of agents and listings we have for them to go through. You can help us/them to keep things great by reporting any incident which does not adhere to these strict rules of use!
Cody Mier
CB&A, Realtors
346-412-6603
codysellsproperty@gmail.com
Once a contract is signed, the listing should be placed in one of the following pending statuses (PS, OP, or P) within 3 days of the signed contract, even if there is a contingency or both parties agree to allow the seller to continue showing the property.
Though our MLS does a fantastic job at keeping things coherent to these rules, it is a large task with the number of agents and listings we have for them to go through. You can help us/them to keep things great by reporting any incident which does not adhere to these strict rules of use!
Cody Mier
CB&A, Realtors
346-412-6603
codysellsproperty@gmail.com
About 5 years ago
Hi,
Are you represented by a Real Estate Agent. He/She can talk with the Listing agent and told her to fix it. In most of the cases it is not done intentionally, might have been forgotten. MLS rule says within 3 days option pending need to be reported in MLS. So your agent may report the listing if not changed in 3 days time.
Regards,
Cagdas Acar
Msc PSA CPE VLB
acarster@gmail.com
www.har.com/cagdasacar
Are you represented by a Real Estate Agent. He/She can talk with the Listing agent and told her to fix it. In most of the cases it is not done intentionally, might have been forgotten. MLS rule says within 3 days option pending need to be reported in MLS. So your agent may report the listing if not changed in 3 days time.
Regards,
Cagdas Acar
Msc PSA CPE VLB
acarster@gmail.com
www.har.com/cagdasacar
About 5 years ago
Hi armendingc
Have you received the option fee? Is it possible your agent is waiting for that?
It's always best to direct questions to your agent, as none of us are familiar with the circumstances or terms of your contract.
Thank you,
Yvonne Chauvin- REALTOR
Better Homes and Gardens Gary Greene
Have you received the option fee? Is it possible your agent is waiting for that?
It's always best to direct questions to your agent, as none of us are familiar with the circumstances or terms of your contract.
Thank you,
Yvonne Chauvin- REALTOR
Better Homes and Gardens Gary Greene
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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