The Pending status has been added to the MLS for listings that are no longer accepting showings or offers, but do not yet meet the definition of Under Contract. Pending status is now available when updating your listings.
The Pending status is defined in the MLS Rules & Regulations glossary of terms.
Pending Status: An MLS status designation indicating that a Seller has received an offer(s) acceptable to Buyer & Seller; not allowing showings and a fully executed contract is pending. This status shall not be used with Short Sale (SS) or Short Sale Pending Lender Approval (SSPL). The listing will automatically expire upon the expiration date entered into the MLS.
Q: When should I use Pending status?
A: The Pending status should be used to indicate that the Seller has accepted an offer from the Buyer and is no longer allowing showings. A fully executed contract has not yet been completed.
Q: Why was this status created?
A: Several requests from Realtors were sent to the MLS Rules & Regulations committee about listings no longer available for showings, but were appearing in the MLS as Active listings. Realtors were spending considerable amounts of time researching and calling about properties that were not available, causing frustration on both sides.
Q: Should I use the Pending status on an REO property where the seller has accepted an offer verbally, but it may be 7-10 days before the actual paperwork is turned in?
A: Yes, this would be a perfect instance for the Pending status. Within 3 days of the verbally accepted offer, update your listing to Pending status.
Q: What should I do once the paperwork is complete and the contract is signed?
A: Change the listing status to Under Contract, then Sold when appropriate.
Q: Should I use the Pending status on a short sale listing that is waiting for approval from the lender?
A: No, because you are waiting for approval of the short sale by a third party. A short sale that is waiting for lender approval should be disclosed in the Terms by selecting Short Sale Pending Lender Approval.
For additional questions about how to correctly use the Pending status, or for general questions about the MLS Rules & Regulations, contact Metrolist® at (303) 850-9576 or compliance@metrolist.com.
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