How to Buy a Coming Soon Home Not Yet for Sale

Two men hanging a "For Sale" sign on the deck of a "Coming Soon" house

David Sacks / Getty Images

In real estate markets with limited inventory, sometimes sellers and their listing agents try to stir up a little pre-market excitement by listing a home as "Coming Soon." The thinking is that since there are very few homes for sale, a new listing that is not yet available will not only whet appetites, but also generate a bidding frenzy when it is finally for sale.

Building anticipation is good news for the seller but bad news for a potential buyer. It is harder for an eager homebuyer to compete and win the home when so many other buyers are drooling over the "Coming Soon" event.

Key Takeaways

  • Sometimes sellers and their listing agents try to stir up a little pre-market excitement by listing a home as "Coming Soon."
  • While these homes may be listed in the multiple listing service (MLS), the practice is usually discouraged by the MLS board as it can be seen as unfair.
  • If you want to buy a home that is "coming soon," the best way is by making a strong offer up front and letting it rest.

What Exactly Is a Coming Soon Home?

A "coming soon" home is generally a new listing that is not yet available in MLS. The listing agent might, for example, place a "Coming Soon" sign on the property. The listing agent, unless prohibited by its MLS, could also place a pre-advertisement on a privately owned website that allows direct listing submissions by real estate agents and property owners and which may encourage such listings.

Typically, an agent is neither allowed to market nor advertise these expected listings directly. This mandate is often interpreted to mean no solicitation of purchase offers, no showings before the home being on the market, and no private back-door dealings. However, if you know about the pending listing, it doesn't mean you can't make an offer anyway.

"Coming soon" homes can also be listed for sale in MLS, but they are not yet available to show. Perhaps the seller is still preparing the home for sale but wants to generate a bit of interest beforehand.

Why Private MLS Systems Discourage Coming Soon

First, understand that some multiple listing services are not in favor of using pending listings as a way to market a home. The MLS board may believe it gives an unfair advantage to not only the seller but also the agents who advertise these homes. A multiple listing system tries to be fair to all of its members.

Since the only way to gather more information about the home is to call the listing agent, a "coming soon" home might lead buyers to call the listing agent directly instead of calling a buyer's agent.


This sort of behavior can lead to a dual agency situation, which is illegal in some states.

Not to mention, MLS prides itself as being the sole true source of property listings and enjoys an enormous monopoly—what some agents call the Mother Ship of home listings. 

How to Win a Coming Soon Home

Many home buyers—including most first-time homebuyers—do not enjoy negotiating for a home. They only want to buy a home. Not everybody is good at negotiating, nor do they care for the pressure and tension that some negotiation strategies seem to require. Throw into that mix the possibility of multiple offers, and it can truly intimidate buyers. Some will openly state that they do not, under any circumstances, want to be involved in a multiple-offer situation.

The way around competitive, multi-offer events is to make a strong offer up front and then let it rest. For starters, a listing agent with a "coming soon" listing might not allow any showings until the home is on the market. The zero-showing policy is there for a variety of reasons, one of which is to try not to violate any MLS regulations. Some MLS systems require an MLS waiver, and then an agent can bypass some rules.

Writing an Offer for the Pending Listing

Many listing agents believe that the best day to list a home is a Friday, so let's take a look at how that "coming soon" listing would be handled.

  • The home goes "live" in MLS at midnight on Thursday, including all photos, and is ready for early-morning Friday viewing, generally when listings are automatically delivered to buyers from their agents.
  • The seller has an open house scheduled for Sunday.
  • Most sellers will not want to accept an offer until after the home has been exposed to the market for at least a couple of days, including the open house, so it is not unreasonable to respond to all offers on a Sunday, for example.

One good way to handle this situation, then, is to write an offer on Friday and give the seller until Sunday evening to respond to the offer. You might be saying to yourself right now, Wait, that's nuts. That's giving other buyers time to make an offer that is better than my offer. And you would be right in that assumption. However, what you're not thinking about is how to make your offer the strongest and most aggressive offer at its inception.

Making the Right Offer

With your buyer's agent's assistance, you can probably come up with a price that is agreeable to you and is also strategically sound. Spend time with your agent to ensure the offer is clean, without mistakes.

Make sure your proposal contains an offer to pay settlement fees that are customary for your neighborhood and maybe some that the seller would ordinarily pay. You also need to include all of the documentation most sellers want to see, such as a preapproval letter, proof of funds, and perhaps a copy of your earnest money.

When the seller receives your very generous and remarkable offer, you can bet your bottom dollar that they will be thinking about it all weekend. The seller might even be tempted to accept your offer right there on the spot, and if so, all the better. But if the listing agent advises them to wait, and the seller elects to wait through the open house, your offer will still weigh heavily on the seller's mind.

Your offer will be the first thing the seller thinks about in the morning, and the last thing before they retire for the evening. It's human nature. The longer the seller thinks about your proposal, the stronger that offer will become in their mind.

The seller will worry about what will happen if there are no other offers, and then feel relieved when they realize that you are still waiting, and patiently at that. Your offer, believe it or not, can almost reach sainthood status by the time Sunday night rolls around.

Frequently Asked Questions (FAQs)

How do you put an offer on a home?

When you make an offer on a home, it's important to be thorough. Be sure you offer a competitive price and include an earnest money deposit with your offer. You'll also need to disclose your down payment and how you'll be financing the home. Include specific details on any contingencies, inspections you require, and an expiration date and time for your offer. An agent can help you work through the details.

What happens after a home offer is accepted?

After the seller accepts your offer, you're under contract. There are still a lot of steps until you finalize the transaction and close the deal, though. You will need to have the home inspected and appraised, then negotiate any repairs or changes with the seller. If you work through those issues, get necessary repairs, and your loan underwriting goes through, the lender will eventually declare you "clear to close," and you'll have your official closing date. At closing, you and the seller will both sign quite a few documents, you'll turn in your check for the down payment and closing costs, and the home will be yours. The whole process usually takes 30 to 60 days.

Was this page helpful?
Related Articles