What To Do After You Request to See a Property That You Didn't Realize is Under Contract
- Adam Garrett
- Aug 7, 2023
- 1 min read
Updated: Sep 8, 2023
Requesting to see a property that appeared available online but isn't actually available can be pretty frustrating, especially if it's the only property you're asking to see or if it's the majority of properties that you are asking about. It's understandable to wonder about how much time you just wasted when looking at places that you thought you could rely on like Zillow. It actually happens all the time in the real estate industry, so you're not alone. In this article, I'll go over how to reduce the likelihood of that happening in the future for you and your family.
Beware of Median Market Time, But The Best Homes at the Best Price Goes Below Median Market Time
Beware of median market time for the location where you're looking, but keep in mind that the best properties at the best price tend to go the fastest, no matter what the median market time is. If the median market time is low, like it is now, you'll need to be even quicker on the draw with showings and offers. Some homes go under contract less than 24 hrs after hitting the market, sometimes as a result of buyers who make offers with deadlines for under 24 hrs after it hits the market. I've done that myself with a buyer before to win an offer and prevent a multiple offer situation.
Beware of Phantom Availability on Some Listing Websites, Including the 2 Most Popular
Did you know that some websites are better than others when it comes to showing whether a home is actually available or not? That's right, there are many cases of phantom property availability online, so where you are looking for availability is very important.
You'll find active contingent properties (that appear to be available, but are actually under contracted) in Hampton Roads listed as available on the following websites with no way to tell:
Zillow.com (the #1 top home website by traffic - even if "accepting backup offers" & "pending & under contract" are not selected under property status in the "more" filters section, with them not being selected by default)
Realtor.com (the #2 top home website by traffic - even if you click on the option to hide pending/contingent in Hampton Roads properties getting a feed from REIN MLS, the dominant MLS of Hampton Roads)
A direct MLS feed where coming soon (if available on MLS) & active non-contingent properties are shown is best as a search baseline. You can certainly add to that search another search (i.e. for sale by owner homes) that MLS won't pick up (around 5% of listings when some of the top sources of FSBO homes were searched in my research of one city in Hampton Roads), but that baseline search on 1 or more MLS is important. It's important to have at least 95% MLS coverage if not >99% MLS coverage with the MLS that you choose.
For more details, see:
Phantom Property Availability: For Sale, Under Contract, but Hard to Tell
Zillow Searches & Other Public Website Searches Vs MLS Searches
Sometimes It Might Still be Worth Seeing a Home, but That's Rarely True
Sometimes you may want to still see a home even if it's under contract, such as if a "kickout clause" is present. For more details on that, go to my article on:
Backup Offers: Seeing Property & Making Offers After Already Under Contract
Where to Search If You Aren't Already: MLS with a Buyer's Agent
A direct MLS feed where coming soon (if available on MLS) & active non-contingent properties are shown is best as a search baseline. You can certainly add to that search another search (i.e. for sale by owner homes) that MLS won't pick up (around 5% of listings when some of the top sources of FSBO homes were searched in my research of one city in Hampton Roads), but that baseline search on 1 or more MLS is important. It's important to have at least 95% MLS coverage if not >99% MLS coverage with the MLS that you choose.
To get a direct MLS feed with an agent, the MLS feed is just the start of how they can help you. It's important to find someone that you feel can not just get you a good MLS feed, but best represent your interests as a buyer's agent throughout the purchasing process. If comparing 2 different agents, their experience, honesty, reviews, digital & physical resources, and more can be vastly different.
Related:
Zillow Searches & Other Public Website Searches Vs MLS Searches
Tips for Search Creation with Your Agent
Why In-Person or Virtual Face-to-Face & Screen Share Search Set-Up Meetings Are Best
Additional Problems with Public Search Websites Compared to MLS Feed
Phantom property availability isn't the only issue with public search portals online. You also will find on public search portals compared to most MLS:
1. Reduced Accuracy (i.e. many properties appearing available that aren't on many search options)
2. Reduced Options for Searches (i.e. no agent templates and dozens of missing search options)
3. Reduced Details/Features on Property
4. Severely Limited Options for Flood Zones, Including Some Misleading Flood Info When Present
5. Lag Time (i.e. a few days between a property is listed on MLS vs some public websites, with some properties under contract in <24 hrs where you'd never see it before it's gone on some public websites)
6. Missing Properties (Did you know that some sellers request that their home not go on public websites, & only on MLS?)
7. Problematic Features
8. Missing Buyer Agent Feedback on Search & Search Results
For more details, see:
Zillow Searches & Other Public Website Searches Vs MLS Searches
How to Choose an Agent if You Haven't Already
The buyer's agent you choose can be even more important than the house you choose, & their role in creating your search is just a small part of what they do.
Here's why your buyer's agent choice is so important as well as some common mistakes of buyer's agent choice like:
1. Apathy About Your Agent Choice 2. Quickly Picking the First Agent That Contacts Them 3. Picking the Most Persistent Agent 4. Picking a "Yes Man" & the Most Agreeable Agent
For more details on choosing your agent, see:
What to Look for in a Buyer's Agent for Your Home or Other Real Estate
Related:
Zillow Searches & Other Public Website Searches Vs MLS Searches
Which Multiple Listing Service(s) Are Needed to Buy in SE VA?
Get a Direct Immediate Auto-Feed Texted to You; Don't Just Casually Browse
Casual browsing every once in a while is very common, so if you're doing that, you're definitely not alone. That said, it's actually a bad way to search for properties. Doing that means that every time you're not browsing properties, properties can be coming on and off the market. Even if you are retired and have all the time in the world, you don't want to constantly be on Zillow. Also, if you casually browse, it is going to take you longer because of needing to filter through the properties that were available the last time you browsed. With an auto-feed of properties, when properties change (i.e. coming on the market for the first time, getting pictures for the first time, or lowering in price), you have the option to get updated, but you waste a lot less time having to sift through properties that you've already seen vs casual browsing.
If you check your emails more often than you check your texts, and would never do otherwise, it's perfectly fine to just have an auto-feed of emails set up. If you ever check your texts before you check your emails, like me, it's a good idea to have an auto-feed of texts set up. Some MLS don't have the option to get a feed of texts within the system, but there's a workaround where you can set that up outside of the system. Here are the details on that, and it's best to alert your agent of your phone's email address so that they can include that email as well as your main email under your name in your search because there can be a few to 10-minute delay if you simply have auto-forwarding going.
Related:
Why It's Important to Get Immediate Property Search Updates & Not Rely on Concierge Mode
How to See Properties Before They Go Under Contract Once They Reach You
It's critical to be ready for expeditious showings once you're actively looking for homes. It's also critical to know what to do to practice expeditious showings, which doesn't just stop at getting the search setup right. For more details on expeditious showings, see my article on the subject here:
Sometimes Seeing Property Before It Goes Under Contract Isn't Possible
In some cases, even if you have a buyer brokerage agreement established with a buyer's agent, have an automated MLS search going with them, have email to text set up with your MLS feed if no direct text updates are available, reach out to your agent within an hour of when a home is listed as active non-contingent, the agent reaches out to the listing agent within 5 minutes, & the agent is immediately available, the property will still be under contract before you can see it live or virtually. In some cases, the property can have a verbal agreement prior to being listed as active. That said, a situation like that is rare compared to a more typical scenario where a buyer reaches out about an unavailable property, so by following the steps above, in the vast majority of cases, you'll be able to see a property before it goes under contract.
More Tips
For more tips, such as being familiar with contracts prior to showings & otherwise so that you can make an offer quickly after seeing a property without making as many mistakes & being in as much of a rush, see my article on expeditious showings. To reduce the time between seeing a property and making an offer, see my article on expeditious offers.
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