You wonder, don't you, if your agent has dug up every single home that fits your criteria? You worry that maybe your perfect home is out there somewhere and your agent overlooked it. I know this because I have walked in your shoes and have had those same thoughts.
So, you look in the newspaper and circle ads, drive around the neighborhood and scour the Internet. Mostly, though, you look online for homes. Here's the skinny on whether any of those homes are actually for sale.
Homes for Sale in the Newspaper
Unless the ad specifies "new listing," the home is most likely already in MLS. Sometimes, agents won't put the address in the ad because listing agents want you to call them. If you call them, maybe they can sell you something else.
Many MLS prohibit agents from advertising a home for sale if it's not in MLS. However, some of those systems give agents 48 hours to put the listing into MLS. If you find a home in the newspaper that sounds interesting, contact your agent and let your agent get that information for you.
If the home for sale is in the newspaper, it's probably also online at the newspaper's web site with links to the listing. Look it up.
Homes for Sale in Magazines
Like newspaper print classifieds, magazine advertising is breathing its last breath. Fewer agents put homes for sale in a magazine like they used to because the lead time is too long. It can take 30 days to 90 days before a magazine hits newsstands or doorsteps.
The agents who advertise homes in magazines do so because they hope a buyer will call them. If it's long after the home has sold, they don't care. You're a living, breathing and eager home buyer. Just the kind of person they want to hear from.
Homes for Sale in the Neighborhood
If the home has an agent's sign in front of it, the home is most likely in MLS. But is it for sale? It might already be under contract, and there are no sign police who make agents hang pending signs.
If the home has a hand-scrawled sign or says "For Sale by Owner," then you should write down the phone number and ask your agent to call the seller. The seller might not have hired a listing agent, but most sellers are not foolish enough to turn down an offer that requires them to pay the buyer's agent a commission.
Homes for Sale on the Internet
Listings on the Internet fall into Wild Wild West territory. Just because it's on the Internet doesn't make it true. There are few regulations governing Internet web sites. Here are some of the reasons why a home on the Internet might not turn out to be your dream home:
- The home is sold.
It could have closed years ago yet still show up online because the agent never removed it or forgot about the rogue site where it was listed.
- The home is not for sale.
Unscrupulous link farms sometimes aggregate sold listings or pick up rentals to generate traffic to the site, but the homes are not on the market.
- The home is a preforeclosure.
Some national web sites that list homes for sale also include homes on which a notice of default has been filed. It does not mean the home is for sale nor that the home will go into foreclosure.
- The home might not fit your criteria.
For example, buyers who need to close on a home within 30 days are not candidates for short sales. If the home is a short sale, the listing might not indicate its active status.
- The home's description is incorrect.
Sometimes the mistake is due to human error. The home might be listed as a two bath when it's really a one-bath home, or the location could read Stockton when it's actually in Sacramento.
The bottom line is if you find a home, apart from the listings your agent sends you, call your agent and ask about it. Although the possibility is slight that the home is suitable for you, it could turn into a bonafide lead for your agent and for you.
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.