What does "Pending with Release" mean?
My buyer asked me yesterday what "Pending with Release" means and I realized that the average buyer may be confused by the different terms.
Let me explain the property status codes with you:
ACTIVE: When a property is first listed the code is ACTIVE and available for sale.
PENDING with RELEASE: When a buyer places an offer on a property which is then accepted the listing changes from Active to Pending Release (PR) which means that the property is sold contingent on the sale of another property. My buyers didn't have to sell a home first but that usually is a contingency that needs to be cleared. This status means that while the release clause of the contract is in effect the property will continue to be shown and backup offers accepted.
Sellers could consider another offer and request the first buyers to clear the contingencies they placed in the contract within a certain time frame or accept the offer of the second buyer. This is not always as easy as it sounds; the first buyer will have to sign the "cancellation of contract, release of deposit and joint escrow instructions."
PENDING SHOW (PS) is the second stage of the escrow process. The property has been sold on a contingent basis without the release clause and will continue to be shown, backup offers are still accepted but sellers can't accept another offer, even if they are better, as long as the original buyers continue to clear the contingencies they placed in the contract.
PENDING NO SHOW (PN) is the third and last stage of the pending stage. Sale is still pending but buyers have removed all contingencies and the property can not longer been shown and backup offers are not accepted. Both sellers and buyers are waiting for the bank to wire the money to the escrow company which can then finalize the paperwork so that the deed can record.
SOLD. After close of escrow the listing will change from Pending No Show to Sold.
EXPIRED. Listings have expiration dates and if they don't sell before this date they expire.
CANCELED. Listing has been canceled due to the termination of the contract.
WITHDRAWN. Listings which are withdrawn temporarily. Properties are taken off the market but a valid contract is still in place between the seller and the listing agent.
Agents are required to change the status of the listing by the end of the next business day. They are in violation with the MLS regulations if they don't do so and risk a hefty fee imposed by the MLS.