Once you have accepted an offer by signing using DocuSign or by physically signing a contract, you are bound by that contract unless it collapses. You will have a choice on how you want to disclose that sale:
1. Remain Active
This option results in no change. Active does not notify anyone (the public or agents) that a conditional sale is in place. The status only changes when the deal is firm. As these statuses are a matter of permanent record on MLS, some sellers like to choose this option. A listing that goes Pending and then back to Active has the potential of being a red-flag to a buyer. It will be up to you to decide when to make the disclosure. The most common times would be when a viewing is requested or when specifically asked. Of course, if another offer were to be received, you would want to ensure it was only accepted subject to the collapse of the already accepted offer.
If you do choose to keep your property active on the system, it is important to understand that you will still be expected to accommodate viewing requests when provided 24 hours notice per the Board’s MLS Rules.
2. Change to Pending
This option pulls the listing from Realtor.ca and all other listing platforms that we push to. It shows as 'pending sale' on Bōde.
Given the state of the market, most of our sellers are opting to keep a listing as 'active' until conditions are removed. This allows them to identify potential purchasers and tends to keep a bit of pressure on the existing purchaser.
In the situation where you remain active and a showing request comes in, seller's typlically tell the buyer that they have a conditional sale.
Should you accept another offer, you must add a seller's condition that says “The acceptance to this offer is subject to the collapse of the already accepted offer collapsing.”
If offer #1 does collapse, you must fill out a form disclosing the colapse of that contract. Please message us at firstname.lastname@example.org if this situation occurs.
Check out our Seller's Checklist for more about negotiations and all of the steps afterwards!