what does temporarily off market status mean?
The temporarily off market is a listing status used on a property that has been temporarily removed from the market. For example, if a seller’s family member dies, the family can choose to temporarily halt the sale of the house to mourn for their loved one. When the temporarily off market listing is used, the seller’s agent continues to work with the seller.
Examples of temporarily off market status
Let’s say that you are selling your house and it has been on the market for two weeks. All of a sudden, a fire broke into the neighborhood and damages one side of your house. After the fire, your house will lose a lot of value.
If you keep the house on the market, you may not be able to sell it. Many buyers do want to do renovations of any kind. At the same time, if you manage to sell the house, you would risk selling it at a big discount.
To increase the chances of selling the house at top dollar, you must repair all damages from the fire.
If you choose to repair the damage, you will have to temporarily take the house off the market. This is because you cannot show potential customers a house that is under construction.
A temporarily off market can also be used due to other reasons. For example, if you take a two months vacation and cannot keep up with showings, it would make sense to stop the listing and resume it after your vacation.
Temporarily off the market requirements
The seller of the property is the one who will request to remove the property from the market.
As noted by MLS Box, the following are requirements for temporarily off market listing status. The listing agent must follow these requirements until the seller resumes the sale of the property.
- The marketing of the property must be suspended temporarily
- To not schedule property showings.
