Select one of the frequently asked questions below to learn more about buying, selling, and renting real estate.
What is the MLS?
MLS is the acronym for Multiple Listing Service. It is an agreement whereby brokers pool their listings and offer to cooperate and compensate other brokers. Generally MLS rules require that a seller establish an exclusive agency listing to enable the property to be posted on the MLS. In most situations, the listing broker under one of these agency relationships is not only authorized to market the property through the MLS, but is obligated to do so by MLS rules. Vande Zande Real Estate, LLC belongs to both SCWMLS (South Central WI Multiple Listing Service) which gives us exposure all the way to the Madison area and RANW (Realtors Association of Northeast WI) that gives us exposure all the way to Green Bay. By belonging to both MLS’s, we give your home the maximum exposure!
How do I, as a Seller or Buyer, benefit from the MLS?
As a seller, your property is available to each of the agents that work within the guidelines of the MLS within 3 business days after you sign a listin agreement, as outlined in the MLS rules. As a buyer, those same agents have access to computer resources to gather information for you of new listings as they become available to the market. The end result? Agents working together to connect buyers and sellers.
What properties can you as a Realtor show me?
One of the biggest misconceptions in Real Estate is that you have to look at the property with the listing company or agent. That is incorrect! For example, if ABC Realty has a property listed you can view the property with an agent of your choice, whether it be with another agent from that office or with a totally different agency.
What happens if I look at a property with Realtor A but would rather work with Realtor B. I then call Realtor B and schedule a second showing and write an offer?
According to MLS rules, the Realtor who shows the property or makes a buyer aware of the propery or makes a buyer aware of the property first (I.E. sending an information sheet) is the “procurring cause” and shall be paid a commission.
What does "Sale Pending" mean?
When we put the properties status as Sale Pending, it means that we have an offer on the property and that all contingencies of that offer have been removed. Therefore, we are just waiting for the closing date to arrive.
When are "Sold" signs put up?
Sold signs are not put on the property until the actual closing date.
When is the well and septic tested and why?
The well and septic tests are not done on a property until there is an accepted offer on that property. You can make an offer on the property and make it contingent on the well which is safe, and the septic which is working. If the well and/or septic test fails, your offer can then be considered null and void or the seller can correct the problem. Usually an office waits to order the tests until there is an accepted offer. This is because the tests are only valid for a certain period of time.
Why show a house after you already have an accepted offer?
We are still able to show a home, with a sellers permission, which has an accepted offer. If the buyer likes the property, they could write an offer in a secondary position.
What is a "bump clause"?
A bump clause is used when a primary offer has a contingency that needs to be fulfilled. The bump clause is usually in place when the buyer has to sell a house in order to buy. For instance, Buyer A has an accepted offer on 123 Any St, but needs to sell his home to purchase it. In the accepted offer, Buyer A has a “bump clause” of 72 hours. In the meantime, 123 Any St is still being shown to prospective buyers. Buyer B looks at 123 Any St and really likes it. He writes an offer in secondary position and it is accepted. At that time, it is the seller’s decision if he wants to “bump” Buyer A. If the seller wished to “bump” Buyer A, Buyer A is given notice in the form of a contract. The notice states that the seller has accepted a boni fide secondary offer and the buyer has 72 hours to remove the sale of his home contingency. If Buyer A can’t remove the sale of his of home (meaning he can’t buy 123 Any St without selling his home) Buyer B is put into primary position.
What is a secondary offer?
A secondary offer is an offer written on a property that already has an accepted offer.
What does contingency mean?
A contingency in an offer is a provision that has to be met in order for the property to be sold. The three most common provisions are: Financing, Sale of a home and inspections (home, water, septic, etc.)
What is the difference between "under contract" and "sale pending"?
“Under contract” means that there is an accepted offer on the property. This offer probably has contingencies that need to be met. “Sale Pending” means that there is an accepted offer on the property which has no contingencies left to be fulfilled.