question about a sale?

There was For Sale sign on a house in Oakland, CA. The sales agent asked
for $800,000 for a 4-year-old house. I could not believe my ears. For that
kind of money, you could buy a land for $300,000 and build a new house on it
for $500,000 in a better neighborhood or location. That was about 2 or 3
months ago. Today, someone put the word Sold on the For Sale sign.
Normally I should expect to see Sale Pending before Sold. But I did not see
any Sale Pending before.
Is it true the house truly was sold? Or the owner just took the house off
the market and the sales agent just put up the Sold sign to make it look
like he did a real job. I notice other places also have word Sold on the
For Sale sign even though I never see a Sale Pending first. Am I missed
something? If the owner decides to take the house off the market and the
house is not sold, does the real estate normally put a Sold sign on it even
though it is not really sold?

I am just curious.

Re: question about a sale?

In article <h8Hpf.43245$>,
"henry chow" <> wrote:

> There was For Sale sign on a house in Oakland, CA. The sales agent asked
> for $800,000 for a 4-year-old house. I could not believe my ears. For that
> kind of money, you could buy a land for $300,000 and build a new house on it
> for $500,000 in a better neighborhood or location. That was about 2 or 3
> months ago. Today, someone put the word Sold on the For Sale sign.
> Normally I should expect to see Sale Pending before Sold. But I did not see
> any Sale Pending before.

How about calling the agent and ask. All it takes is a dime.

-john-

--
============================================================ ==========
John A. Weeks III 952-432-2708
Newave Communications
============================================================ ==========

Re: question about a sale?

"henry chow" <> wrote in message
news:h8Hpf.43245$
> There was For Sale sign on a house in Oakland, CA. The sales agent asked
> for $800,000 for a 4-year-old house. I could not believe my ears. For
> that
> kind of money, you could buy a land for $300,000 and build a new house on
> it
> for $500,000 in a better neighborhood or location. That was about 2 or 3
> months ago. Today, someone put the word Sold on the For Sale sign.
> Normally I should expect to see Sale Pending before Sold. But I did not
> see
> any Sale Pending before.
> Is it true the house truly was sold? Or the owner just took the house off
> the market and the sales agent just put up the Sold sign to make it look
> like he did a real job. I notice other places also have word Sold on the
> For Sale sign even though I never see a Sale Pending first. Am I missed
> something? If the owner decides to take the house off the market and the
> house is not sold, does the real estate normally put a Sold sign on it
> even
> though it is not really sold?
>
> I am just curious.
>
>
A 'Sale Pending' sign is not required before putting a 'Sold' sign on the
'For Sale' sign. In fact, a sale pending sign can keep potential buyers
from making an inquiry about the property. A property is never sold
until the closing. Other offers can be accepted as a 'back-up' offer
in case the first contract is not finalized. Also, agents want potential
buyers still making an inquiry concerning the property. This gives him
a potential buyer for other properties for sale. Legally, if a property is
taken off the market, an agent cannot have a 'For Sale' sign on the
property much less place a 'Sold' sign on the 'For Sale' sign.

Re: question about a sale?

henry chow wrote:
> There was For Sale sign on a house in Oakland, CA. The sales agent asked
> for $800,000 for a 4-year-old house. I could not believe my ears. For that
> kind of money, you could buy a land for $300,000 and build a new house on it
> for $500,000 in a better neighborhood or location. That was about 2 or 3
> months ago. Today, someone put the word Sold on the For Sale sign.
> Normally I should expect to see Sale Pending before Sold. But I did not see
> any Sale Pending before.

may be different in CA, but here in HI I have hardly ever seen a 'sale
pending' sign. If the seller is still open to higher offers putting a
'sale pending' sign up may be counterproductive. I'm not a realtor, but
that's something I'd only do if it was required by law.


Maren

Re: question about a sale?

"henry chow" <> wrote in message
news:h8Hpf.43245$
> There was For Sale sign on a house in Oakland, CA. The sales agent asked
> for $800,000 for a 4-year-old house. I could not believe my ears. For
> that
> kind of money, you could buy a land for $300,000 and build a new house on
> it
> for $500,000 in a better neighborhood or location. That was about 2 or 3
> months ago. Today, someone put the word Sold on the For Sale sign.
> Normally I should expect to see Sale Pending before Sold. But I did not
> see
> any Sale Pending before.

In a fast moving market like California, many agents do not bother putting
the Sale Pending. It is NOT A LEGAL REQUIREMENT.
The MLS for Oakland does require the agent to post Sale Pending on the MLS
within 48 hours of contract acceptance.

www.AmericanWest.biz

> Is it true the house truly was sold? Or the owner just took the house off
> the market and the sales agent just put up the Sold sign to make it look
> like he did a real job. I notice other places also have word Sold on the
> For Sale sign even though I never see a Sale Pending first. Am I missed
> something? If the owner decides to take the house off the market and the
> house is not sold, does the real estate normally put a Sold sign on it
> even
> though it is not really sold?
>
> I am just curious.
>
>
>