If you’re looking to buy or sell a property, you’ve probably seen a withdrawn listing. What does withdrawn mean in real estate?
I remember when I was first starting in real estate, I had no idea what this term meant. Thankfully, my agent explained it to me and now I’m here to share that knowledge with you!
What Does Withdrawn Mean in Real Estate?
If a listing is withdrawn, it means that the property is no longer available for sale. The listing may be withdrawn for several reasons, such as the property being sold privately, the owner deciding not to sell, or the listing expired.
What does withdrawn mean in real estate and how does it affect your home search? Sellers sometimes change their minds and decide not to put their homes up for sale. This could be for any number of personal or professional reasons.
Sometimes it’s because the home was overpriced and sat on the market for too long, or because sellers just really want a break from showing it.
When this happens, the seller will ask their agent to take the property off the market so that it’s no longer active on the multiple listing service (MLS). Even though withdrawn listings are no longer active, they may still show up in search results on local websites and major real estate sites.
If a listing is withdrawn, it means the sellers have taken their house off the market. There’s no telling if or when they’ll put it back up for sale, so if you’re interested in a particular property that’s been withdrawn, you may not want to wait around in case it never comes back on the market.
The bottom line: If you see a home you want to buy, don’t wait. Make an offer right away.
Why Would a House be Temporarily Off the Market?
There are a few reasons why this might happen:
- The sellers may be going through a personal issue and need to take some time off
- The house may need repairs or updates that the sellers were not expecting
- The listing may have expired
- The sellers are taking some time to decide whether or not they want to relist
When a house is unavailable for showing, the real estate agent will temporarily change its listing to “Off the Market” in their local Multiple Listing Service.
When is a House Withdrawn?
There are many reasons why a house can be withdrawn from sale, from minor repairs and renovations to more personal issues such as a divorce or a seller simply deciding not to sell.
The most common reason is that the sellers have received an offer that they are happy with and they want to take the house off the market so that they can focus on negotiating with that buyer.
Other reasons could include things like the death of the seller or even something as simple as the seller changing their mind.
If the seller is having trouble selling their home, they may want to withdraw it from the market and then relist it. This way, it won’t appear that it has been sitting on the market for 6 months.
If you need to withdraw your home listing for any reason, you must provide written instructions to your broker. You cannot do this yourself.
Withdrawn Listings May Still Affect Realtors
If your home has been withdrawn from the listing, don’t be alarmed if you still receive offers. This is because your home may still appear on realtor sites like Zillow and social media if you had advertised your home there previously.
Simply remove the listing from the platform and repost it at a later date if you decide that you would like to continue selling your home.
What Does Conditionally Withdrawn Mean?
A status that indicates “Conditionally Withdrawn” means the property is still UNDER CONTRACT with the listing agent but is no longer being actively sold.
Canceled vs. Withdrawn Status
“Cancelled” means the listing agreement is terminated, which ends the relationship between the seller and the listing agent
“Withdrawn” means the listing agreement is still in effect but the property is no longer active.
This will stop your Days on Market (DOM) counter.
What Happens After You Withdraw Your Listing?
Just because your real estate agent has removed their listings from MLS, it doesn’t mean that you can switch realtors or sell your home to buyers. Until the contract with the agent expires, you are obliged to continue working with them.
Only when your current listing expires can you switch agents without having to pay a penalty fee—if such a clause was agreed upon in your contract with the current listing agent.
Expired Listings Are Not Automatically Renewed
When your contract is up with your real estate agent, you will need to re-list your home on the Multiple Listing Service (MLS). The listing does not simply renew itself after it expires.
If your property has been withdrawn from the market, but then you decide to put it back on the market, you will have to renew your expired listings.
Can an Offer on a House be Withdrawn?
Yes, an offer on a house can be withdrawn. There are a few reasons why this might happen, such as if the buyer is no longer able to get financing or if they have found another property that they like better.
If the seller has already accepted the offer, then the buyer would need to negotiate with the seller to see if they are willing to release them from the contract.
What Does it Mean if a Property Has Been Removed by the Agent?
If a property has been removed by the agent, it means that the agent is no longer representing the property. The agent may have decided to stop representing the property for any number of reasons such as if the property is no longer available for sale or if the agent is no longer working with the owner of the property.
What does withdrawn mean in real estate? Withdrawal can happen for a variety of reasons, but it essentially means that the listing is no longer active. If you have any further questions about this term or anything else related to real estate, be sure to ask your agent!