I get asked this question a lot when it comes to looking at MLS listings. So when I ran across this article I thought I’d post it to help everyone out who may not know.
What Does ‘Withdrawn’ Mean on an MLS listing?
Jan 22, 2014 By: Michele Lerner
QUESTION: What does withdrawn mean on an MLS listing? Is this property no longer for sale?
ANSWER: The term “withdrawn” means that the home has been removed from the Multiple Listing Service by the homeowners and is no longer for sale. However, it doesn’t mean that the home has been sold. In that case, the MLS listing would read “under contract” or “sold.”
If you’re interested in a home that’s listed as withdrawn, you don’t necessarily have to give up hope that you’ll be able to buy it. Homeowners withdraw their properties from the MLS for several reasons, such as:
• They’ve decided for financial or personal reasons not to sell their home. Some homeowners put their home up for sale to see what kind of offers they can get and then withdraw it if they’re not satisfied with the response. Alternatively, the reason for selling may have disappeared, such as a job transfer that was cancelled or family circumstances that changed.
• They’ve discovered a problem in the home that needs to be fixed or perhaps have decided their home will sell for a higher price if they make an improvement. The home is temporarily off the market while either of these issues is addressed.
• The home was priced too high and lingered on the market for too long. Sometimes sellers will take a home off the market and relist it at a later time so it doesn’t show up as having been on the market for months.
• The sellers want a break from showing the house during the holiday season or for personal reasons, but plan to put it back on the market at a later date.
• The sellers plan to switch REALTORS® but want a time to interview new agents and reevaluate their home and its price.
As you can see, a listing can be withdrawn for a variety of reasons, only some of which mean the homeowners have decided not to sell. You should ask your agent to reach out to the previous listing agent or directly to the homeowners to ask about the situation if the listing agent isn’t forthcoming with information. The more you and your agent understand about the sellers’ interests and motivations, the better equipped you are to make an offer that might persuade them to sell to you.
If the homeowners have changed their mind, then you need to move on to another house; but if they’re considering putting the property back on the market, you can find out what they’re looking for in terms of a price and a settlement date. You can make an offer and negotiate with the sellers to come to an agreement. If you’re in a competitive market and anticipate that you’ll face offers from other buyers once the home is listed again, you’d be wise to make a solid offer before the home is back on the market.
I hope this Q & A helps out like it did for me.
Happy Investing.
Matt Walton
I get asked this question a lot when it comes to looking at MLS listings. So when I ran across this article I thought I’d post it to help everyone out who may not know.
What Does ‘Withdrawn’ Mean on an MLS listing?
Jan 22, 2014 By: Michele Lerner
QUESTION: What does withdrawn mean on an MLS listing? Is this property no longer for sale?
ANSWER: The term “withdrawn” means that the home has been removed from the Multiple Listing Service by the homeowners and is no longer for sale. However, it doesn’t mean that the home has been sold. In that case, the MLS listing would read “under contract” or “sold.”
If you’re interested in a home that’s listed as withdrawn, you don’t necessarily have to give up hope that you’ll be able to buy it. Homeowners withdraw their properties from the MLS for several reasons, such as:
• They’ve decided for financial or personal reasons not to sell their home. Some homeowners put their home up for sale to see what kind of offers they can get and then withdraw it if they’re not satisfied with the response. Alternatively, the reason for selling may have disappeared, such as a job transfer that was cancelled or family circumstances that changed.
• They’ve discovered a problem in the home that needs to be fixed or perhaps have decided their home will sell for a higher price if they make an improvement. The home is temporarily off the market while either of these issues is addressed.
• The home was priced too high and lingered on the market for too long. Sometimes sellers will take a home off the market and relist it at a later time so it doesn’t show up as having been on the market for months.
• The sellers want a break from showing the house during the holiday season or for personal reasons, but plan to put it back on the market at a later date.
• The sellers plan to switch REALTORS® but want a time to interview new agents and reevaluate their home and its price.
As you can see, a listing can be withdrawn for a variety of reasons, only some of which mean the homeowners have decided not to sell. You should ask your agent to reach out to the previous listing agent or directly to the homeowners to ask about the situation if the listing agent isn’t forthcoming with information. The more you and your agent understand about the sellers’ interests and motivations, the better equipped you are to make an offer that might persuade them to sell to you.
If the homeowners have changed their mind, then you need to move on to another house; but if they’re considering putting the property back on the market, you can find out what they’re looking for in terms of a price and a settlement date. You can make an offer and negotiate with the sellers to come to an agreement. If you’re in a competitive market and anticipate that you’ll face offers from other buyers once the home is listed again, you’d be wise to make a solid offer before the home is back on the market.
I hope this Q & A helps out like it did for me.
Happy Investing.
Matt Walton