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Why is The Sold Listing that I Love Still on the MLS as "For Sale?"

Posted by Rachel R. Vanderveen on Saturday, May 24th, 2014 at 7:56pm.

Non-Disclosure of Conditional Sales in Calgary

 

With the market moving at the quick pace that it’s moving, I get a lot of my buyers asking me the same question:

“Why does the property I like still show as active on the MLS, but you (Rachel) told me it’s sold?”

Well, the Calgary Real Estate Board recently introduced a rule which allows sellers to keep marketing their property even past the point of being conditionally sold. Which means that they can keep it appearing active and for sale on the MLS, even though it’s already under contract with another buyer. There are different levels of non-disclosure.

1)      The seller could choose to keep it active on the MLS and disclose in the private agent’s comments that it’s conditionally sold.

2)      The seller could choose to mark the property with a “U” for Under Contract on the MLS. This makes it appear as active on the public MLS but agents can see that it’s conditionally sold on our backend side.

3)      The seller could decide to leave the listing active and not disclose that the listing is sold unless specifically asked.

4)      The seller could decide to leave the listing active and not disclose that the listing is sold even if asked. However, the agent cannot lie to another agent. They can choose to respond by saying, “My seller has instructed me not to answer that question.”

5)      The seller could have accepted an offer from a buyer who had a sale of a buyer’s home condition in their offer. Usually in the agent’s comments we’ll see that there is a “special clause” on the property. Meaning they have an accepted offer in place with a Sale of a Buyer’s home condition.

The property will show as fully sold (S), when the conditions are through and over (your agent can give you a date that the conditions are set to expire). It will then disappear off the MLS.

For an accurate representation of what is real, available inventory on the MLS, your best bet will be to connect with an agent who can have you set on auto-searches that will deliver new listings within seconds to your email inbox. Then you’ll know that you’re receiving the freshest, and hottest listings the moment that they hot the market

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Rachel Vanderveen

The Vanderveen Team
Maxwell South Star Realty
Phone: 403.253.5678 Fax: 403.592.6736
Email: Info@VanderveenTeam.com

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