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Buying or Selling a Home/Cancelling a home purchase

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Expert: - 8/2/2010


Question
In the state of California: Can a house be listed as active with "Back on the Market" if it is still under contract?
I am currently planning on signing cancellation form Monday.  I received notice to perform  on Friday with due date in two day and request to close escrow on Tuesday.  However over the weekend I found the property updated as active.

Answer
Dear Dan;
A home can be listed as active (for back up offers) right up to the closing.  Since it appears that the sellers have instructed their agent to change the listing to Back on Market they may have been alerted to the fact that you are not going to close on this home and therefore they are anxious to get buyers in to see the home as soon as possible.  However, they cannot re-sell a home that is under contract unless they do so with a "back up" agreement where the new buyers understand that the home is currently under contract.  Their agent would probably inform any potential Buyers of this fact when they make an appointment to see the home.

~Jessica Bryan

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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