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Teach723
Have faith. Believe. Dream.
Member since 8/10 2356 total posts
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Half in contract?
I found a house on MLSLI that I really wanted to see. I called last Sunday and the agent told me it's "half in contract, fully by the end of the week". I had never heard of this, but it's a week later and the house is still on MLSLI. So I emailed them again and once again he says it's "half in contract". Does this mean there's an accepted offer and they're waiting to sign the contract? Why is it taking so long?
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Posted 11/10/13 4:35 PM  |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
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DiamondMama
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Half in contract?
I would imagine they have an accepted offer and until contracts are officially signed they keep properties on MLS. If you see the listing in another week I would call to verify it didn't fall through.
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| Posted 11/10/13 5:25 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
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Half in contract?
I would think it means that the seller accepted an offer, the buyer has signed the contract and they are now waiting for the seller to sign
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| Posted 11/10/13 6:16 PM |
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Re: Half in contract?
Posted by chilltocam
I would think it means that the seller accepted an offer, the buyer has signed the contract and they are now waiting for the seller to sign
This is what it means!
It can take a couple of weeks to get a house under full contract. Once the lawyers work out all of the contractual terms, the buyer signs first and gives a check for part of the down payment to be held in escrow. Then the buyers attorney has to get that over to the sellers attorney and the seller has to meet with his or her attorney to sign. It can take a few days for the seller to sign after the buyer signs, so in that interim period, we say the contract is "half signed."
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| Posted 11/10/13 6:23 PM |
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Teach723
Have faith. Believe. Dream.
Member since 8/10 2356 total posts
Name:
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Re: Half in contract?
Posted by Century 21 Dallow - Christine Braun
Posted by chilltocam
I would think it means that the seller accepted an offer, the buyer has signed the contract and they are now waiting for the seller to sign
This is what it means!
It can take a couple of weeks to get a house under full contract. Once the lawyers work out all of the contractual terms, the buyer signs first and gives a check for part of the down payment to be held in escrow. Then the buyers attorney has to get that over to the sellers attorney and the seller has to meet with his or her attorney to sign. It can take a few days for the seller to sign after the buyer signs, so in that interim period, we say the contract is "half signed."
Thanks! I wish they would take the homes off of MLSLI during this time. It's such a tease when you think you finally found one. I'm so done with this whole process 
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| Posted 11/10/13 6:41 PM |
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Re: Half in contract?
Sorry! I know it is frustrating. It's also annoying for me as an agent to call for showing appointments and find out a house has an accepted offer or is half signed.
But I think the MLS rationale for showing a property as available until it is in full contract is that a seller can really change their mind until they sign. The seller is Not committed to sell to the buyer until the seller signs, just as the buyer is not committed to buy until he or she signs. Many sellers will continue to show the house (at the very least, to have back up offers) until the house is in full contract. You just never know!
Please let me know if I can help you at all with the process.
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| Posted 11/10/13 7:12 PM |
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