Private mortgage insurance (PMI) can be an expensive requirement for your home loan, as it adds more to your monthly payment costs. This is a safeguard that your lender will take out to cover a portion of the amount you borrowed in case you default. Up Next: P.I.T.I.: Understanding The Parts Of Your Mortgage Payment […]
What Is A Withdrawn Home Listing?
When you put your home up for sale, your real estate agent will list it on the Multiple Listing Service (MLS) and he or she has exclusive rights to advertise and attempt to sell your property for a given amount of time. At that point, your listing is Active.
When your home becomes withdrawn from the MLS, your listing is simply not being marketed and showings and offers are temporarily put on hold until it is activated again.
When Is A House Withdrawn?
Houses can be withdrawn from the market for a number of reasons, ranging from repairs to personal situations that needs to be resolved before the home can be sold, from divorce to the seller changing their mind about selling. Other reasons include the sellers withdrawing it from the listing and then relisting so it does not show that it has been sitting untouched on the market for months.
You cannot withdraw a home listing yourself. You must give your broker written instructions to do so.
Withdrawn Listings May Still Appear On Realtor Sites
When your home is withdrawn, keep in mind that it may still appear on realtor sites like Zillow and social media if you advertised your home there. So if your home has been withdrawn from the listing and you get offers, don’t be alarmed. Simply remove it from the platform and repost it later if you choose to continue selling later.
You Are Still Obligated To Work With Your Realtor
Just because your listing has been withdrawn doesn’t mean that you can switch to a new realtor or sell the property straight to a buyer. Until the listing has expired and the contract with your agent has expired, you are still obligated to work with them.
Only when your listing has expired can you choose to work with another agent without incurring penalty fees for breaking a contract—if such a term was written into your contract and mutually agreed upon.
Listings Are Not Automatically Renewed
When your listing has been withdrawn and eventually expires when the contract with your realtor is up, it is essential to know that you will have to list it again. MLS listings do not automatically renew themselves. So if your listing has been withdrawn and then eventually expires and you still wish to sell, you will have to renew the listing.