Investing in Real Estate:CTMLS Says Goodbye to Hubbard

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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.