Metrolist Prime Access offers a new property status option called, "Pending"

Interviewer: We are here today with Debbie Conner of Equity Colorado Real Estate. She is the President elect of the South Metro Denver Realtor Association, and welcome to the show Debbie.

Debbie Conner: Thank you.

Interviewer: I understand you are on the metro list rules and regulation committee, so you are part of the group that sends our letter out to us?

Debbie Conner: That's correct.

Interviewer: And there is a new status that we are talking about today called "Pending", so tell me a little bit about that.

Debbie Conner: Well we had some requests from the realtors and some changes in what is going on in the industry today, and we were finding that there were some homes that were out there that weren't truly active any more but weren't quite under contract.

Interviewer: Right.

Debbie Conner: And you will run into those with REO properties the bank owned properties and once in a while a normal listing where there is some gap in time and to where you are not truly under contract yet, but you are not available for showing any more.

Interviewer: Absolutely. So when is this change going to go into effect?

Debbie Conner: December 21st of this year, it will go into effect and it will be an option that you can check in metro list.

Interviewer: So how has this type of role change happened I mean can you tell us what type of feedback, or what type of input you got from the realtor community to make this happen?

Debbie Conner: I can, usually we get some complains and handwritten complaints or phone calls several of them as a rule and it comes before the metro list rules and regs committee to look out to see if there is something that we can do to implement changes to reflect more correct statuses of properties that are out there.

Interviewer: Right so I am a listing broker. I have got an REO listing, I've received a verbal confirmation from the bank, but yet its probably going to take two weeks to get my signed confirmation back, is that what we are talking about here?

Debbie Conner: That's exactly it, that's exactly it, or you may have a seller that's out of town and they do and, you know you can get a hold of them on the phone but you can't get to a fax machine or e-mail, but you have got verbal okay that that's the price that they are willing to us, accept and terms they're willing to accept.

Interviewer: Oh excellent example. So does this in any way affect what we have got as far as the short sale listings in the new status change that we have there just can we use this in short sales or...?

Debbie Conner: No that's a different ball game. Short sales have their own rules and regulations and short sales are dealt within the terms section of metro list, so you can go in and check the box for short sale or if you have a contract and you are just waiting for that lender to approve the short sale, there is the short sale pending letter notification that you can check in that box and you can actually search on those terms. So if your buyer wants a short sale, you can find them in the computer much more quickly or if they don't want a short sale, you can eliminate those out of the computer and your search as well.

Interviewer: So what would happen then, I have it under pending status, I finally get the contract in that, then how do I, what do I do then, how do I change it to just go to the under contract status then?

Debbie Conner: Go to the under contract status once you have a fully under contract, fully executed contract, you would want to put it under contract and then don't forget to change the status, once you close it and put it under sold.

Interviewer: Wow, lots of great information Debbie, thank you.

Debbie Conner: Thank you.

Interviewer: And I will look forward to using that pending status I have actually got a property I can use that on right now.

Debbie Conner: Awesome thank you.

Interviewer: Thanks.