CTMLS Says Goodbye to Hubbard

June 22nd, 2009 categories: Central Connecticut News & Information, Home Sellers, Real Estate Listings

Beginning June 24th, CTMLS, the multiple listing service that serves most of CT, will finally do away with the Hubbard (HUBRD) status for listings.

All I can say is…finally!

Actually, I can say a few more things.

If you don’t know about the Hubbard Clause - HUBRD refers to properties that have been sold to a buyer who needs to sell another home before purchasing the one under deposit. The property is shown to buyers and the sellers are looking at other offers, so it is an active listing.

The catch with HUBRD listings is that if a buyer puts in an offer, the first buyer has the right to remove the Hubbard Clause and proceed with the purchase, leaving the next buyer out in the cold. However, as long as it’s explained to buyers beforehand, most are willing to look at a house with a Hubbard Clause and even write an offer.

From now on, HUBRD listings will simply be identified using Y/N in CTMLS.  Accepting a contract with a Hubbard Clause won’t be the glaring deterrent for home sellers who fear that by taking an offer with a Hubbard, they are scaring away all future buyers and effectively taking the home off the market. With homes taking longer to sell, this makes sense.

You may also enjoy reading:

7 Questions About the Hubbard Clause Answered

Deciphering Real Estate Listing Sheets

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This entry was posted on Monday, June 22nd, 2009 at 12:37 pm and is filed under Central Connecticut News & Information, Home Sellers, Real Estate Listings. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. real estate business cards said at June 23rd, 2009 at 12:55 am

   I think the HUBRD clause is a good listing strategy. Leaving an active line of buyers building and pushing each other for a property will actually bring in more force for the buyers/contenders to make a firm decision on purchasing or not.

2. Mary said at June 23rd, 2009 at 7:15 pm

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3. mother hubbard clause | MOTHER said at December 27th, 2009 at 3:24 pm

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