When inventory is low, competition and stress levels among buyers get high.
We’re hearing a lot of complaints about properties that sell in Coming Soon status before going Active. As long as there were no showings or open houses, a sight unseen offer does not violate the rules of Coming Soon status.
A Coming Soon listing on NorthstarMLS is a property under contract but not yet ready to be shown. It is a short-term status (up to 21 days) to communicate that the property will soon be available for showings. No showings or open houses are allowed while in Coming Soon status, but the listing may be marketed.
If a property is shown while in coming soon, the property is disqualified from the status and a $1,000 fine is assessed to the listing agent. The seller must sign the NorthstarMLS Coming Soon Authorization Form, acknowledging that the property may not be shown while in this status.
If the listing agent receives a purchase agreement (even sight unseen while Coming Soon), that offer must be presented to the Seller in accordance with applicable laws and regulations. It is then the seller’s choice how to proceed.
For more information about Coming Soon status, see the NorthstarMLS website. If you have questions, contact the NorthstarMLS Help Desk at email@example.com or 651-251-5456 (1-877-251-5455). They are available M-F, 8:00 to 5:00.
Time for a few more CE Credits
Tune into SPAAR’s course offerings for CE Credits to stay compliant or simply to take advantage of topics offered.