Not many words in our vocabulary frustrate me more than the word "Pending". Don't get me wrong, I like what it means but it has way to many interpretations for any true meeting of the minds. Whenever I hear a listing I want to show is Pending my first thought is "Really...why is listed as Active?". I understand some clients demand you not mark them Pending, but how can we say a listing is Active if it has an accepted offer on it and no one can show it or write a back up offer? I just tried to set up 6 showings listed Active on our MLS. Of course 2 were pending, waiting for inspections and one was a short sale gone wrong that hadn't been updated yet to reflect the $20K increase in list price. That's 50% that show Active but are not. I am sure every Board has their own rules covering what constitutes Pending but from someone trying to sell those properties it is frustrating to try and put a schedule together working around half truths. Maybe we need a KINDA PENDING choice. Best of luck in all you do and thanks for reading.
Randy, My policy for my listings is always show for backup until contracts are signed. Once Contrats are signed I change the status to pending and put up a pending sign. Sometimes my broker doesn't like it, an in house offer may get bumped, but my first responsibility is to my seller and I want them to have access to all buyers and offers until contracts are signed.
Good afternoon Virginia. Until contracts are signed I don't consider them Pending either. A lot of Seller's don't want it marked Pending but our Code of Ethics say "When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. SO my question would be is keeping a listing Active after it is clearly Pending being honest to all parties? Every Brokerage and Board have their own policies. I was just thinking out loud. Have a great afternoon.
Our MLS is picky about this. If there is a closing date, we better have it marked pending and the date filled in. Otherwise, agents who want to show a short sale for instance need to see A,c ....Active with Contigency... meaning the bank has to review the offer in play.
Thanks, Randy.
I see it a little different. A signed contract early in the process doesn't mean pending to me. I don't like to mark a sale pending until after the inspection and the appraisal have been done. I will mark CCS - contingent, continue to show and mark the contingency (financing, inspection) so that other agents know what is happening. Once inspection and appraisal are dealt with and we're a 'go', then I mark pending. Every MLS is different, though.
Randy - TOO TRUE!!! It seems in these economic times that the most solid "pendings" are actually "kinda pending". I never UT a pending sign on my properties. We are required to mark it pending in MLS and this pretty much stops showings.
I think the MLS rules out here require that the status has to be changed within 24 hours of an offer being accepted. Not everyone follows the rules, though. LLLL
Randy, I go thru the same frustrating ordeal everytime I show properties. Thank you for the post.
Hey, Randy. I left a surprise for you in my blog post today. Hope you like it. Let me know when you find it. What? You thought I was going to tell you where it is? Ha!
LOL. Kinda pending -- that's a good one. Well in my MLS we have "contingent short sale" so that is our kinda pending and we just added "contingent REO" so that is kinda pending for foreclosures. I still make the calls many times before writing offers for all those that have slipped through the cracks.
Our MLS has a contingency status that means a contract is signed but there is a contingency that is not cleared and back-up offers will be accepted. Unfortunately the correct status is not always assigned to the listings.
We have a Active with Contract status as well here. It works great for shorts and those other properties that are really needing back ups.
We have an active status called Pending Continue to Show. Most agents will phone the listing agent to ask the "how pending is it" question before showing those houses. The other option is to mark the status as Pending. Those are not usually shown.
Randy - "kinda pending" LOL While I understand your frustration, I do understand the various MLS status levels. Here in Los Angeles & Ventura counties, a property is contingent until contingencies are removed and then they go pending. Some short sale listing agents remain active until the bank accepts the offer and I can certainly understand that because so many buyers end up walking away so short sale listings need back-up offers when buyers walk.
Comments(13)