Little Miss Snippy Pants - Learn the rules, Please

By
Real Estate Broker/Owner with Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management 01490605

mls rules in tracy caHere in the Cental Valley of California we are inundated with short sales.

Several years ago Metrolist our main MLS provider initiated a new STATUS for short sales: Active Short Sale Contingent.

The purpose of this status was to keep the property ACTIVE and still SUBMIT offers to the seller and the bank... remember when that was the procedure on a short sale.

Now 3 years later, only one offer is typically submitted, once that offer is accepted by the seller, no further offers are accepted.  THIS is now a PENDING property.

So why, Little Miss Snippy Pants Listing Agent do not you snap my head off when I try to explain this to you.

PENDING _ offer accepted, no more showings.......  Contingencies STILL IN PLACE.

Let's move off the short sale world...

Seller accepts an offer, no further offers are being considered yet there are still contingencies in place:

Loan, Inspection, Perhaps sale of another home, Appraisal, etc.... what is the property marked during this time - PENDING.

Why is this so difficult to understand?

As long as it's ACTIVE the property is still be marketed in 3rd party software, buyers think they still have a chance to purchase this property.  The Consumer is being misled by the inappropriate use of ACTIVE Short Sale Contingent.

Simple Rules - per the MLS

Active Short Sale - no offers, still showing

Active Short Sale Contingent - offer accepted, still showing, still taking offers

Pending - Offer accepted, no more showings,  no more offers

Pending Bring Back up - Offer Accepted, No More Showings, looking for Back up offer only

 

UGH - off my soap box.  Now if ONLY all agents would follow these simple rules our buyers would be so much happier.

Comments (3)

Dale Bledsoe
Crown Key Realty - Tracy, CA
Realtor in Tracy, California

Living in the same N. California town as you I know that you are 100% correct. I have attended training seminars provided by the local MLS and they stated the rules exactly as you have. Their suggestion is to report any and all violations of these rules. Good post.

Apr 16, 2012 03:53 AM
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

I'm in the MLS next to yours...  We have the same problem with people reporting on the Pending status.  we have three, and most people do not know which one to use.  Our "Pending-Do not Show" means all cocntingency are removed, and just waiting to fund  (Transaction on "final approach").  Kind of means any new offers would be tantamouint to enticing the seller to try an break away from the offer in place, whoulc the new offer be better.  Although I should add that technically, all offers must be presented by law, unless the seller requests no more offers.

Jul 01, 2012 05:50 PM
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

I like how you presented this Susan. You've done great on this article. Have a good night!

May 26, 2014 01:45 PM