The status of a listing conveys information about the availability of a property. The listing agent is responsible for entering and maintaining the appropriate status into their Multiple Listing Service (MLS) Types of status can vary depending on the MLS, but in general there are five types:
- Active – The property is available for sale and the seller is accepting offers. Be careful though, this status does not mean that other offers haven’t been presented.
- Contingent – The seller has accepted an offer but the buyer may back out without penalty if certain conditions are not met within certain time periods. For instance, a financing contingency will allow the buyer to rescind and receive their deposit back if they are unable to obtain financing in accordance with the agreed upon terms of the contract. Other typical contingencies include:
- Inspection or Due Diligence: The property doesn’t pass inspection or the cost of repairs exceed the amount the seller agreed to
- Sale of Buyer’s Property: If the buyer must sell another property in order to be able to buy this one.
- Appraisal: The appraised value does not meet the contract price.
- Pending – The seller has accepted an offer and all contingencies have been satisfied.
- Sold – The property has closed and is no longer available.
- Expired – The agreement between the seller and the listing brokerage has expired and the property is no longer listed for sale.
Depending on the MLS, a status of Contingent, Pending or Expired may not be made public. Other sub-status can be things like:
- Contingent – continue to show (CCS): the seller wants to pivot to a backup offer if the buyer can’t perform.
- Contingent – no show: the seller believes the buyer will have no problem removing the contingency.
- Contingent – with kick out: the buyer has a limited time to remove the contingency or risk the contract being voided.
- Contingent – probate: a deceased homeowner’s assets are going through the probate process, so the home may not be available for purchase for some time.
When a listing is pending, the contract is closer to closing, but there are exceptions:
- Pending- taking backups: the seller is accepting backup offers in case the buyer can’t perform.
- Pending- short sale: the mortgage holder has been asked to take less money than the seller owes on their mortgage.
Contact one of our knowledgeable agents and let us work for you!