Does "Back on Market" Mean Your Home is Considered "Damaged Goods"?
This is one of those questions that you really hate to answer as a listing agent or as a buyers agent for that matter.
As a listing agent, you are dealing with the seller's frustration of thinking that there house was sold and they could move forward and then the inspection finds some unsavory things or the buyer's financing doesn't come together, and back on the market you go.
As a buyers agent, I cringe when buyers ask me this question, because really, they are looking for an okay signal to just lowball the house because there MUST be something wrong with it. Why else would it be "back on the market"?
There are things that we do as listing agents to minimize the damages of having this happen. Especially with a newer listing that was sale pending right away. We are superstitious and we don't put the sale pending sign out until the inspections are completed. We continue to show the property for a period after the contract is accepted and try to secure a back up offer to get leverage. There are many things that we do for our sellers to try to minimize the risk of being off the market. Why? Because when the first offer turns upside down and the buyers want or need out, we don't like to be the bearers of the bad news. We like to be able to give positive solutions!
Our MLS shows in the bottom corner that it is back on market with the date. Without that signifier, the agent could still look at the history of the listing and see that it was sale pending and then came back on during what they assume was the listing period.
As sellers, you need to know that sometimes things happen and the best solution is to get your home back on the market and in front of a new pool of buyers. It may be a second chance for a buyer that was on the fence that didn't offer the first time they saw it and is still out looking. If there was an inspection issue that was a deal breaker for the first buyer, maybe consider addressing it prior to receiving another offer. After all, most buyers will ask to have an inspection done, and most inspectors are going to find the same issues. Or you could address the issue in the offer by offering compensation for the buyer to have the item remedied.
Either way, know that this is a momentary setback and it does not mean that your home will never sell. It just means that we are starting over and we will be more aggressive in getting your house out to as many buyers as possible to secure another offer quickly.
Author:Louis Williams Phone: 985-237-0712 Dated: March 4th 2013 Views: 822 About Louis: As the CEO for The Williams Team, it is my mission to see that your Real Estate Transaction meets an...
Louis Williams is the CEO for The Williams Team which now has 14 members total. His Team consists of four Listing Specialist, five Buyer Specialists, two Transaction Coordinators, Director of Sales, Listing Manager and Listing Assistant. The Williams Team has had nearly 100 Million Dollars in gross sales over the past nine years. Louis' Real Estate Group is among the top 1/2% of Realtors in the Greater New Orleans Area. He has also been awarded the prestigious NABOR Platinum Award for the top 1/2% of Realtors for the past five years and named the #1 Real Estate Group in the Area 2014.
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Sold our home in record timing! The team works hard to ensure that your home is represented incredibly well at showings: 1) From the listing photos, provided by a professional photographer, who also has an eye for real estate, to our listing agent who provided insight into staging our home! 2) Marketing efforts are superior! It was obvious that they went above and beyond just listing our home on the MLS. Actual calls were made to other agencies to help increase market exposure. When I provided additional photos, they were on the web within minutes! I was so proud to provide links to my home's listing website. It is very professionally maintained!! As an aside, even after our home sold, we relayed our buying questions (we were buying out of state) to the Louis team because we knew that we'd get accurate information and expert knowledge and advice!! My neighbors actually joke and say, "you know, selling is supposed to be the hard part." But, for us, it was a breeze! Thank you to the entire team!!!!"