Download our free mobile search app to view which listings have accepted offers and which ones are scheduled to close soon.
Have you ever come across a listing online and wondered if it already has an accepted offer? This is one of the most commonly asked questions we receive from buyers who have been searching for homes on the internet. At Mad City Dream Homes, we make it easy to identify which listings have an accepted offer.
Identifying Listings with Accepted Offers
When you search for properties on Mad City Dream Homes, you'll see one of three different statuses that appear by each listing.
Some listings will display a status of "active".
Other listings will display a status of "offer-show".
Still others will display a status of "offer-bump".
What do These 3 Statuses Mean?
"Active" means the property does not have an accepted offer.
"Offer-show" means the property has an accepted offer, but the seller is still allowing showings until all of the contingencies in the offer to purchase have been cleared. Many sellers with accepted offers will allow showings and encourage back-up offers in the event that their offer to purchase with their current buyer is terminated. For example, financing could be denied by the buyer's lending institution, causing the offer to purchase to become null and void.
"Offer-bump" also refers to a listing with an accepted offer. In most cases "offer-bump" refers to a "bump clause" in the offer to purchase for transactions that are subject to the successful closing of another property. In other words, the buyer is selling one home in order to buy another, and the offer is contingent upon the successful closing of the buyer's property. In this case, the seller can accept a secondary offer and "serve notice" to the buyer with the bump clause. (If you'd like to learn more about buying an offer-bump property, please feel free to contact us.)
Searching for Listings with Accepted Offers
Now you can also use our search tools to specifically include or exclude properties with accepted offers from your search results. As a seller, you might choose to focus your search on properties with accepted offers when you want to gain a better understanding of the properties that are selling in your neighborhood. For example, here are the search settings that focus your search on accepted offer listings only.
As a buyer, you might choose to exclude listings with accepted offers in order to focus your search on the properties that are still available for purchase. This setting excludes accepted offers from search results.
A Quick Note about Accepted Offers
Our listings are refreshed every 15 minutes with status updates, but please feel free to contact us with any questions you have about a property's up-to-date status. The status on our website pulls from the status that is entered by the listing brokerage in the South Central Wisconsin MLS. We can quickly verify a property's status for you by checking with the listing brokerage.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred