Expert: Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO - 6/18/2010

Question
We have been renting a home for a year and a half.  It was put on the market for sale.  We were pre-approved and signed the sales and purchase agreement. The lady from the bank came to look at the property.  According to the realtor, things are moving along, but we don't have a closing date yet.  He still has the house listed online as for sale and creepy people keep coming by and looking at it.  Is it customary for realtors to leave a house online and on the MLS as "for sale"  after you enter into an agreement to buy the house?  The last guy that came wouldn't leave and I was here alone.  I had to threaten to let the dog out to get him to leave. The realtor says they have no intention of backing out of our agreement, so why leave it listed?  Thanks.

Answer
I am presuming you are still renting. First off, tell them that you will let no one in to the property unless they are accompanied by a real estate agent and that agent will need to present you their card.  This is for safety and security reasons.  You have rights as a renter. You can explain your unpleasant experience. Next are you, yourselves, represented by a real estate agent or are you just dealing with the owners agent?  Where I come from, every purchase/sale agreement has a Close Date so I don't understand what you have?  Next, the only "person from the Bank" to look at the house should be an appraiser.  Is that what you meant?  Next talk to the loan officer at the bank.  That person should represent YOU. Ask them how long it will be until the loan is approved and when they will be ready to go to closing. Next get out the contract on the house and read every paragraph carefully.  Look at the contract to see if it refers on the bottom edges to a state real estate organization.  If it doesn't, there is no telling what you have signed and you may need a real estate attorney to get through this.  And YES,it is common to leave a house on the market after a contract has been signed because you don't know if the contract will go through, but it should be listed on the MLS as "Pending" (that means it is under contract and therefore few people come to look at it) and not "Active".  Get another agent from another office to look it up and see if it is Active or Pending.  Now if it isn't "pending", call the agent and tell them they "forgot" to put it "pending" and need to do so.  If they don't within 24 hours, contact the MLS Board and tell them. Most MLSs that I deal with, require agents to do so.
Good luck, Jessica.  I hope this helps. If you need more help, get back to me.