Withdrawn or Terminate Listing
Hi All,
Question, if you have an active listing and the seller is in the process of closing on a personal house next Friday. In order for the paperwork to clear for condition, the lender need to show proof that the seller need to unlisted his current listing. Is it best to “ withdraw “ or “ terminate “ the listing?
Please advise and thank you.
Sort By:
I would need further information to answers this question. I would ask your broker about this question and give him/her as much detail as possible in regards to the status of this deal.
If your intention is to continue with the Sale of your client's property after he closes with the lender then I would recommend to simply Withdraw the property. This allows you to Activate the Listing once your client closes on his current deal. Just make sure a Withdrawal satisfys the lender.
Make sure you terminate the listing and not the agreement. It is rather strange that the lender requested that.
I agree that you meed to get specifics on what is needed. Withdrawing does not terminate a listing. However, many of the services that feed agents "expired" listings include both terminated and withdrawn, and either way the seller can expect an overwhelming number of contacts trying to recruit the business, unfortunately.
If you have a valid listing agreement, your seller should give you the indication of a "withdrawal" for the period needed to close on their house. That way you can relist the house. A terminated agreement will have you get a new listing agreement and b) your client will be inundated with calls from realtors trying to poach them. Be sure to put in AGENT REMARKS that it is only a temporary situation so they don't bother your client
This is hard to answer not knowing your intentions afterwards. Terminate resets the DOMs. Withdraw just pauses them. Do you want to reset DOMs? If you just withdraw, it is very simple to reverse it. If you terminate, you will have to create a new listing to go active again. Most times, I just ask the lender what exactly they need. If you are not familiar with the lender, terminating will achieve what they want. Withdrawing may or may not.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
Resolved
Saved
