- If a buyer misses out on a home by taking too long making up their mind to buy it.
- If a buyer is out bid in a multiple offer situation.
- Or…the buyer simply just started looking and missed seeing the home when it was first listed.
What happens in both of these situations is that several things have to happen before the listing real estate company can change the properties status to Sold in the MLS.
In a normal resale transaction a Virginia Beach Home Buyer typically has a home inspection contingency. Depending on the property buyers can have a wide variety of other inspections but here we are going to keep things simple. Below is a basic time line for a simple transaction with a Virginia Beach Home Buyer and just one Home Inspection Contingency.
Sale is Ratified- 1 Day
Home Inspection- Within 5-10 Days
Repair Negotiations- Typically 5-10 Days
Contingency Removed- after up to 21 Days!
Changed to SOLD in the MLS– after up to 21 Days.
In the Sale of a Virginia Beach Foreclosure with a Home Inspection Contengency things take a lot longer!
Sale is verbally Ratified- 1 Day
Waiting for the Bank to send Bank Addendums to Buyer for signatures and then back to the Bank Representative for their signatures (yes it’s backwards) 5-15 Days
Home Inspection- Within 5-10 more Days
Repair Negotiations- 3-15 Days
Contingency Removed- after up to 41 Days
Changed to SOLD in the MLS– after potentially 41 days.
In the sale of a Virginia Beach Short Sale Listing it will take forever! One of the biggest debates in the real estate industry today is the question of when a Short Sale Transaction is actually a ratified contract? This discussion is far to lengthy for this post but for our purpose here just realize that a home sold as a Short Sale could either be ratified quickly (and listed in the MLS as a Sold home) if the agents determine that a terms are satisfied and agreed to. Or…it could take a very long time should the buyer negotiate to complete the inspections after bank approval which could be months in the future. In this case you’ll just have to beleive what your told and keep looking for it or move on and go find another home!
One other element that leads to the confusion is that every real estate web site out there has different sets of rules for keeping and up-dating their data. Some sites up-date their data daily and some sites up-date their data much slower. Some taking several days to change a listings status, price changes or other critical property changes that you as a Virginia Beach Home Buyer should be aware of to give yourself the best advantage in any market. The best real estate web site we suggest our clients use is our site www.VirginiaBeachHomeStore.com
www.VirginiaBeachHomeStore.com has a direct link to our MLS data and is updated in real time giving you the most current and up-to-date housing data that you’ll find on the web!
So in conclusion, it’s frustrating to feel like your not getting the accurate information and the system is definately not perfect but remember, your agent is working for you…trust them…they have no reason to not tell you the truth…and besides they want you to buy a house you like!
So as a Virginia Beach Home Buyer please feel free to come back to visit our blog for more informative posts about home buying and if you have a question that you’d like answered please feel free to fill out the form below and we’ll get back to you with an answer ASAP!