There’s a relatively new listing option in the California Regional MLS called “Coming Soon.”
It has some very specific and restrictive rules, but it may give you a way to get your home sold quicker, for attractive terms and for a fair price.
Here’s how it works.
The Coming Soon status offers sellers the chance to market their house for sale in the CRMLS with a full description, all of the pertinent facts and data, and photographs.
Buyers and agents will be able to see your house, review the details, and may even drive by it; they just cannot go inside for a tour. Nor can you put a for sale sign on the house.
One of the attractions of this feature is the Days on Market counter doesn’t begin ticking until your listing moves from Coming Soon to Active status. This is very important to understand. Buyers tend to lose interest in homes that have been sticking around on the market for a long time. They wonder, what’s wrong with it?
But the “DOM” count does not begin the day you introduce your Coming Soon listing — so long as you don’t let anyone tour the house. Not buyers, their agents, contractors, inspectors, termite or plumbing experts or interior decorators. This rule applies to you, your agents and your tenants.
On the other hand, there’s nothing to stop you from receiving offers, negotiating offers or even accepting an offer and opening escrow while in Coming Soon status.
If you do accept an offer, you’re then required to change the status to Active Under Contract or Pending. Then the buyers, their agent and any of their “people” may view the house.
Just be aware, there is no going back to Coming Soon if the deal goes south. And the DOM clock starts ticking.
You might consider using Coming Soon in a variety of circumstances.
One of the most common uses so far has been for homes that are being upgraded or remodeled – to “tease” the buyers to wait for all of your lovely improvements and potentially have a line of qualified buyers with appointments for showings every 15 minutes the first weekend after the projects are finished and the listing goes to Active status. (Of course, make sure everyone visiting the house follows the current COVID-19 safety guidelines.)
Another use for Coming Soon status is for tenant-occupied homes. Coming Soon allows you to pre-announce your listing and create early interest. If you know you’re going to sell the house once your tenants move out, then as the move-out date approaches, you may want to list it as Coming Soon to get the ball rolling.
Your listing can only be in Coming Soon status for 21 days.
After 21 days have passed, if your remodel projects aren’t finished or your tenants haven’t yet vacated, you should be ready to change the listing to Hold, Do Not Show status. If you don’t, CRMLS will automatically change the status to Active on day 22.
And once the status has been changed from Coming Soon, regardless of 21 days or sooner, there is no going back.
Leslie Sargent Eskildsen is an agent with Realty One Group West. She can be reached at 949-678-3373 or leslie@leslieeskildsen.com.
Source: Orange County Register
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