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Updated about 4 years ago, 11/12/2020
MLS "Pending" Regualtion - OK or Not?
I have done many many many transactions as both seller and buyer.
As a SELLER I have to say I hate that there is such MLS regulation that specifies, at least w/ every MLS I worked with (many), that once a property goes under contract MLS statues needs to be changed to "Pending" or "Contingent"
Am I the only crazy one here who is annoyed by it?
We all know that buyers don't shop pending homes. And if 20%-25% of deals fall through sooner or later I would like to keep showing my for sale house and build a backup list of buyers. This will empower me when buyers are playing "tricks" of delaying and asking for more things or dragging their feet.
This MLS regulation really both weakens my position and causes me to lose time and $$$ in case a closing doesn't take place.
Does anyone feel the same?
Have you seen something different?
Is there a way around it?