I don’t think we’ve ever worked with a first time buyer that hasn’t asked us this question. Let’s make this post short and sweet you can read much more about the Buying process as a first timer in our World’s greatest first time buyer guide.
So you’ve found a great place and you call up your agent and he says: “Sorry dudes, it’s already sold” and you’re like “but how can that be, I still see it on MLS” Well, here’s the answer.
There are different levels of “Sold” one is Sold Conditional and another Sold Firm.
This means that the property is under contract (bought) but the Buyer still has some outs. They likely have to complete a home inspection and confirm their financing. Of course there are various other conditions but these are the most common two. Occasionally these deals do fall through so it’s important to keep an eye on them but best to spend your time focussing on other, acutal available properties. As long as the property is in the conditional phase, you’ll still see it on MLS.
You won’t see this one on MLS. Once a Buyer satisfies him/herself of all the condtions. The sale goes firm and now the Buyer just waits to move in. This is when the place comes off of MLS.
Does this clarify things a bit for you? Any more questions? Just ask.