What is a withdrawn listing? It’s when home sellers decide they no longer want to sell their home, so they ask their real estate agent to “withdraw” the listing so it’s no longer active on the multiple listing service on websites such as realtor.com®. Nonetheless, it may still appear when buyers search for homes.
“A withdrawn listing happens when a seller changes their mind,” says Aaron Hendon, a Realtor® with Christine & Company in Seattle. “They said, ‘I want to sell this house, please help me,’ and then usually, shortly later, they say ‘well, maybe not.'”
What is a withdrawn listing?
Homeowners may change their mind for any number of reasons, but Michele Lerner, author of “Homebuying: Tough Times, First Time, Any Time,” offers up the following as the most typical reasons for a withdrawal.
Reasons a real estate listing is withdrawn
- The sellers decided, for financial or personal reasons, not to sell their home. Some homeowners put their home up for sale to see what kinds of offers they can get and then withdraw it if they’re not satisfied with the response. Alternatively, the reason for selling may have disappeared, such as a job transfer that was cancelled or family circumstances that changed.
- The sellers want to make an improvement on the house. Sometimes the homeowners will discover a problem in the home that needs to be fixed, or they decide their home will sell for a higher price if they make an improvement. The home is temporarily off the market while either of these issues is addressed.
- The home was priced too high and sat on the market for too long. Sometimes sellers will take a home off the market and relist it at a later time so it doesn’t show up as having been on the market for months.
- The sellers want a break from showing the house during the holiday season or for personal reasons, but they plan to put it back on the market at a later date.
In other words, a withdrawn listing doesn’t mean it’s off the market for good. There’s a chance it could be relisted, so you should keep your eye on it if it checks every box on your list.
Whom to contact if you’re interested in a withdrawn listing
If a listing is withdrawn, the contract between the sellers and their listing agent remains in effect. This means that if you see a withdrawn listing you’re interested in, you should “contact the listing agent, and not the seller,” says Hendon.
It’s important to note that a withdrawn listing is not the same as a cancelled listing—the latter terminates the contract between the sellers and the listing agent.
Joe Barbee – ABR,MRP
Barbee Dream Homes Real Estate Group