When an offer gets accepted by a seller, usually the buyer still need to get their financing approved and complete a home inspection. Until most recently, the sellers used to take their homes off the market, and change its status to “Pending” or conditionally sold.
As per the new rule change made by CREB, now a seller can instruct their Realtor not to remove the property from the market and keep its status as an “Active” listing. Seems to be fair to the sellers as they are not losing any marketing time in case the buyer fails to firm up the deal. But what about the rest of the buyers who are very committed to finding a new home?
Edmontonians have already adopted this system many years ago, and apparently it’s working great for them.
What do you think? Do you think it’s fair to the buyer to spend time looking at already conditionally sold properties? Before you fall in love with a home, be aware that not every listing is available on the market anymore even if it says “Active”.
I am a licensed member of the Real Estate Council of Alberta since 2005 - proudly representing CIR REALTY, Calgary’s largest real estate brokerage. I enjoy keeping my readers up to date with real estate related information that they can easily understand and use for their own benefit. I welcome feedbacks and comments equally from first-time visitors to my blog, past clients and also from my fellow REALTOR® colleagues. Thanks for stopping by!