To show or not to show. That is the question…but it doesn’t stop there.
What listing status should be used once a contract has been accepted? Active-Contingency? Maybe Pending? Follow these simple guidelines to ensure your listing is displaying the right status, at the right time – for the right reasons.
Once an offer has been accepted, there are two options for listing status. If your seller desires to continue showing the property for back-up offers, the listing must be updated to Active-Contingency, with the specific contingency selected – sale of home, financing, inspection, etc.
If, however, an offer had been accepted and the listing is not being shown for back-up offers, you are required to update your status to Pending. This is advantageous for you as the days on the market will not increment during a pended status.
It’s important to remember however, once a contract is in hand, it is no longer permitted to remain in an Active status – it must go to Active-Contingency or Pending. Even the TAR standard of practice states, “REALTORS® shall disclose the existence of
accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.” Not doing so is considered
The final step of the listing would be an update to a Closed status, and it’s equally important to remember that once a listing closes, you have seventy-two (72) hours to change the status of that listing to Closed in the MLS system.
The market is picking up and things are moving faster; however, to ensure all users of RealTracs are accessing updated, and
accurate information, make sure your listings have the correct status—whether that be Active, Active-Contingency, Pending, or Closed.
Because everyone loves a challenge (and really because it’s just that important) there will be a grace period through Friday March 15 to place your listings in the correct status. Listings discovered with an incorrect status after this date will be subject to applicable fines as defined in the RealTracs rules and regulations.
So, double check your listings! Your fellow agents, and possibly your pocketbook, will thank you for it.
RealTracs rule references:
2.5(i) A status change must be made within 48 hours of acceptance by a seller of an offer to purchase. The status can be changed to 1) PENDING — which means that a contract has been accepted and the seller(s) requests that there be no more showings, or 2) ACTIVE CONTINGENCY — which means a contract has been accepted but the seller(s) requests that the property still be shown for a back-up contract.
10.1(e) Failure to report listing “pending” or “active contingency” once a contract has been accepted by the seller to the MLS within forty-eight (48) hours, Fine $100.00.
2.5 (h) …after authorized changes are received by the listing broker, they must be reported or input within forty-eight (48) hours of the change condition, with the exception of closed which must be reported or input within seventy-two (72) hours.
10.1(d) Failure to report listing closed to the MLS within seventy-two (72) hours, Fine $100.00