In this competitive market, agents frequently ask whether they can submit or accept an offer to purchase or lease while the property is in “coming soon” status.

The answer is “Yes!” Bright MLS Rules and Regulations (the “Bright Rules”) define “coming soon” status as any property currently subject to a listing contract and reported to Bright MLS in which the Participant has been directed by the Seller to market the property but not set appointments for showings during a current, specified time-period. While in coming soon status, the property cannot be shown, and the showing prohibition applies to all subscribers, including those affiliated with the listing broker.

However, the Bright Rules also state that during the specified period that the status of a property is coming soon, if the Participant receives an agreement of sale (whether solicited or not), it must be presented to the Seller in accordance with all applicable laws and regulations. Note that per the Bright Rules, “agreement of sale” includes agreement to lease (or rent) except when not italicized.

Virginia Real Estate Board (VREB) regulations consider it a “misrepresentation or omission, or both” for a licensee to fail to “tender promptly to the buyer and seller every written offer, every written counteroffer, and every written rejection to purchase, option or lease obtained on the property involved;” and Standard of Practice 1-7 of the Code of Ethics states that “Realtors® shall continue to submit to the seller/ landlord all offers and counteroffers until closing or execution of a lease unless seller/landlord has waived this obligation in writing.”

Buyers are therefore free to submit sight-unseen offers on properties currently in coming soon status, and sellers are free to accept them.