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When Does The SOLD Sign Go Up On My Home
When Does The SOLD Sign Go Up On My Home?
Occasionally, after achieving acceptance on an offer for their listing, the seller will ask the agent when we'll be putting a SOLD sign up on the sign post in front of their home. Even though we're happy to accommodate the seller's request, we always offer them some very sound advice. It's NEVER a good idea to put a sold sign up on your listing. The reason for this? Well, it's quite simple. There are many things that can happen between the day you accept an offer on your home and the day of closing and no matter how solid the offer, there's always a chance that it'll fall apart, even up to the day of closing. We've seen it happen far too many times to feel comfortable counting a home as sold until funds have been transferred and the sale has been recorded. You might think, "But I just accepted a cash offer with no contingencies" and although it might be a somewhat morbid way of thinking, our response would be, "Well what if the buyer dies before the closing date"? You see, our job, as Realtors® is to try to prepare for every possible outcome and to do our best to protect you. The fact of the matter is, by putting a sold sign up in front of your home, the only thing we're truly doing, is announcing to your neighbors and to anyone who happens to drive by, that we have just sold your home and boy are we good at our job! Now this may serve your Realtor® well, as there may be a neighbor who has been watching your home since it hit the market and after seeing your success, they might decide that they should call your Realtor® about selling their home as well, but it definitely does not do you any favors. A good agent will continue to market your home and encourage any interested buyers to make a back-up offer, all the way up to the day of closing. That way, if something does go wrong with the sale of your home to the current buyer, you already have a back-up offer in place and you won't skip a beat as you move right on to the next willing, able and ready buyer. Furthermore, if you're able to procure a back-up offer prior to the current buyer's inspection of your home, it gives you a little more negotiating power with that buyer, should they decide to nickel and dime you on the results of the inspection.
A Sold Sign Isn't Good For You Or Your Agent
It's also good for your agent to not put a sold sign up on your home. If your agent does their job and they continue to market your home to other prospective buyers, they stand a fairly good chance of procuring yet another buyer they can represent on either a back-up offer for your home, or on an offer for another home. This means more business for your agent AND a higher probability of selling your home. If an agent is properly marketing a decent listing, they should procure at least one, if not two or even three more pieces of business as a result. You see, most of the people who come through your home, will decide for one reason or another, not to make an offer on it. But if they aren't currently represented by another agent, this will present your agent with an opportunity to pick them up as a client of their own. As we say in the business, listings equal leads. So don't feel sorry for your agent if you ask them not to put a sold sign up in front of your home. They stand a much higher probability of procuring more clients by continuing to market your home, than they do by announcing to your neighborhood that they are the greatest agent to ever walk this earth, simply because they did the job you hired them to do and they sold your home. In fact, I'd venture to say that you should be concerned if your agent does want to put a sold sign up in front of your home. You hired them to represent YOUR best interests and how are they doing that by calling it a day as soon as you've accepted an offer?
Choose Your Agent And Your Listing Strategy Wisely
At the end of the day, it's your home and you're probably paying your agent a substantial sum to sell it for you. So it's always your choice to request that your agent put a sold sign up or deny them the opportunity, but just remember, it truly won't do you any good and it just may cost you your next buyer. Choose your agent wisely and don't hesitate to bring this topic up when they come out to do their listing presentation. Ask all prospective agents what their philosophy on sold signs is and think twice if they tell you that they always put a sold sign up when their listings go under contract. Happy selling and good luck to you in all of your future real estate endeavors!