Here is a question for all you Toronto real estate agents out there and home sellers could also chime in as this subject involves both. Do you still actively search for a buyer when the listing has been sold? And with that should you still encourage prospective home buyers to view the home once the listing has been sold firm?
The short answer to both questions is a definite YES!
Why would you still actively market a home that has been sold firm and why in the world would you inconvenience your home seller by actively showing the home once it's been sold firm? I know- many of you self proclaimed Toronto real estate experts out there must think that I'm completely out to lunch.
Here is another question for, is a Toronto Mls listing officially off the market once it has been sold firm and has not closed? The short answer to that is NO! Most Toronto Realtors assume that the listing period is over once the home is sold firm that is completely false. The listing is enforceable till the deal closes.
The thing that puzzles me the most about this whole thing about whether or not a home seller or a Realtor should still encourage showings once the home is sold firm is that the house hasn't really sold until the deal closes, that's why it make absolute sense that Toronto Realtors start encouraging home buyers to still view the home even after it has been sold firm. It only makes sense, believe it or not there are lots of Mls listings that are sold firm that DO NOT CLOSE, so than why not protect your home seller by accepting back up offers during the period of the deal closing? It something for all you Toronto real estate agents out there to think about.
Even though it makes sense to still actively search for a prospective buyer for a home that has been sold firm, to my colleagues defense it's not common practice here in Ontario. Unlike in the United States it's become common to review many offers till the deal successfully closes.
Toronto Realtors must remember that they are obligated by law under the listing agreement that they will actively market the home until the home has been successfully closed, not just until it has been sold firm.
Hey, look at the bright side of it if you’re a Realtor, you might even find another buyer you could help in their quest in finding the right home throughout the process, and it's always great to help people find their dream home!