Buying a Home: Why You Need a Real Estate Attorney

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Buying a Home: Why You Need a Real Estate Attorney

When I bought my first home, I basically signed whatever was placed in front of me. The idea of becoming a homeowner overshadowed any concerns that I might have. Besides, the agent seemed to know just what needed to be done. It was only later that I learned there was some confusion about the location of the property lines. Two years and several thousand dollars later, I finally got things straightened out. When I bought my second home, you can bet that I had a real estate attorney by my side. Everything was checked and double-checked before I signed anything If you are thinking about buying a home, take nothing for granted. Let me tell you more about my experience and why you need your own legal counsel. In the long run, you'll save a lot of time and trouble.

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FAQs About Multiple Listing Service Statuses

Part of the house hunting process usually involves searching online. The listings you view are mostly taken from the multiple listing service or MLS. You do not have access to all of the information from the listing, but the status of the home is generally included. Understanding the statuses is important. Here is what you need to know about the statuses:

Are Homes Removed from the MLS After an Offer?

One of the biggest misconceptions about homes listed in the MLS is that once an offer is accepted and under contract, the home will be removed. This is usually not true. The agent will likely not remove the home until the sale is complete.

There are several reasons that an agent could leave a home listed, but the main reason is that there is no guarantee that the sale will go through. If it does not and the agent removed the listing, he or she will have to re-list the home. He or she will have also missed out on potential buyers.

Leaving the listing allows the agent to continue to field offers for the seller while working towards closing day. The agent will update the status on the listing though.

What Do the Updated Statuses Mean?

There are a few statuses that a real estate agent can choose for a home that is under contract. For instance, "contingent" is a commonly used status. The status simply means that the home is under contract, but there are contingencies that have to be met before the closing date. For instance, a home inspection might be required or the sale is off.

The status for a property could also be "pending." The status means that both the seller and buyer have completed all of the steps to complete the contingency requirements and closing day is imminent.

An "inactive" status basically means the home is not for sale. It is not necessarily an indication that the home has been sold. It could possibly be up for sale sometime in the future. The status also could an indication that the real estate agent for the home is still taking offers. Even if the owners have received an offer, they could still be fishing for a better one.

The best way to determine if you should be concerned about the status of single family homes you want to buy is to talk to your real estate agent. He or she can consult with the seller's agent and determine if you can make an offer.