Home Sellers and The Semantics of a Cancelled vs Withdrawn Listing
Real estate lingo is enough to make your head spin if you don't understand the foreign language for which we speak.
Oftentimes when I see in the MLS that a listing has been "withdrawn" (no explanation is given), just withdrawn, I wonder did the seller actually decide not to sell or are they just temporarily postponing the sell.
I know consumers may be reading this post and wondering what the heck I'm talking about so let me explain.
When a listing changes in the MLS from Active to Withdrawn, it simply means that the owner no longer wishes for the agent to market the property. However, the listing agreement is still in effect and therefore, prevents the seller from engaging in a new agreement with another real estate agent.
When a listing changes in the MLS from Active to Cancelled, it means that the seller either no longer wants to sell the property or simply wants to terminate the agreement between the seller and the listing agent/broker. I know it's confusing right?
The problem is that sometimes when a seller tells an agent that they want to withdraw their listing, the seller really thinks that they are instructing the seller to cancel the listing.
The other problem is that some agents may not make it clear to the seller that their is a difference between withdrawing a listing and cancelling it all together. That is why upon the request by the seller, the agent should immediately query the seller as to what their real intent is: withdraw or cancel since it's likely that the seller does not know the difference.
So sellers, when deciding to take your home off of the market, please use this information to make it clear to your agent the intent of your decision to remove your home from the market.