Expired or Canceled listings are those homes that either the listing agent was not able to sell during their given contract period, or the seller has changed their mind about selling. Of course, we are after those homes that have simply run out of their contract.
There can be several reasons why a listing goes unsold. With short sales today, sometimes the banks are unreasonable, and the seller never gets the green light to sell the house. It can also mean that an acceptable offer was never received.
The good news is that if it was listed for sale. The Seller was looking to sell! So why not make the the most of the opportunity, and call the listing agent or seller direct to ask if they still want to sell. Hey if we don’t ask – the answer is already NO.
Here is how to Find opportunity in Expired and Canceled listings
Ask your Realtor to look for Expired and Pending Sales that match your search criteria and have expired less than a 7 days ago.
Your Realtor should check for new expired listings every few days and send the houses that have potential over to you for review.
Review the list, and ask your Realtor to make contact on houses you like with listing agent to see if the seller is still interested in selling.
Be Prepared! If the house is getting Re-listed, then you want to be ready to go.
Have your Realtor ask the listing agent if the seller will pre-accept your offer before officially listing back on the Multiple Listing Service.
With Short Sales, sometimes the sellers lose their patience with the bank and change their mind altogether about selling. Your agent should be good at working with the listing agent to persuade to continue moving forward in selling the property.
More often than not, you will find that the listing agent ends up re-listing the house again, so why not get the house before there is any competition.