Buyers are often frustrated when they drive past a great house for sale, only to go online and find that it’s “Pending” or “Under Contract.” So why is the sign still up?
First: Free advertising for the listing agent. They’re hoping you call the number on the sign so that they can say “That house is unavailable, but there are others that I can show you!”
Second: It’s in their client’s best interest to leave the sign up. The house isn’t “Sold” until everyone has left the settlement table. While a lister (that is, the seller’s agent) is required to change the status in the Multiple Listing Service as soon as the contract has been accepted, there’s no similar requirement to change the sign out front. That listing agent wants to keep as much interest as possible going just in case the contract falls through.