Any real estate agents? Or experienced sellers

[Octobermommy]

Our house has been on the market the last few months. This past two weeks we have had a lease and an executed contract fall apart. My neighbor ( we moved a few weeks ago) called to tell me there is a sold sign on the for sale sign. We have 10 more days to go in the option period. I know when we bought the house they didn't put the sold sign until after the option period was over. Since we have had two deals fall apart I just don't want to miss any other lookers. Am I right?

[amldaley]

I agree with you, keep your options open until the deal is closed. I can understand your agent putting an "Under Contract" sign up or "Sale Pending", but not a SOLD sign.

Take a look at the Agency Agreement you signed when you listed with this Agent as a Seller and make sure there isn't specific language in there that says your realtor can do this or will do this, etc. Then call your agent and asked to have the sign removed and explain why. Also, your agent can make a note in the MLS that you are still considering back up offers.

[newg]

Yeah.......our house has a "sale pending" sign on top of the "for sale" sign.....but then again the house we are buying as a "sold" sign on it.........we don't close on either house until July 31st...
I wouldn't want a "sold" sign until all papers are signed on the closing date.....or at least until you know the loan has gone through and all parties are just waiting for the closing date......
I'd call your realtor and ask them why the put it up....

[Snow mom]

Yes, I think the sold sign is basically the realtor bragging: "look, I sold a house." I know when I bought my house the selling realtor left it on the MLS with some sort of pending status so they could continue to receive offers (I can't remember the exact status but it seemed like a punk move to me because I made a cash offer and therefore funding wasn't going to fall through.) Your agent should be on your side. I'd ask them to keep it listed as pending until the option period is over and take down the sold sign.

[nanotech]

in this market...you don't want a sold sign until you've got your money in the bank....anything can happen even in the last minute...especially with the new Truth In Lending laws that have taken effect.

Like the others have said: it should have a pending sign on it, the realtor can notate that you are willing to take other offers at the same time on the MLS (unless the buyer's contract prohibits that)...and the Realtor probably put the sign there to show that he sold the home quickly.