Good news today from the board at MLSPIN (the multiple listing service that covers Greater Boston)!
The guidelines for when the status of a property is to be updated to “Under Agreement” is going to be changed.
Under the new guidelines, the listing broker will need to update the status of a property at the time when a listing broker has fully executed offer to purchase. Listing brokers may still use the “ACT with a Kick-out” status (ACT ), but only for those listings with an offer that has a genuine kick-out/right of first refusal contingency.
In the past, the listing would remain in an “Active” state but with a flag that often times only real estate brokers / salespeople would be able to see. This would indicate that an offer to purchase had been accepted but contingencies such as inspections, signing of P&S, and even clearing a mortgage contingency still needed to be cleared before being updated as Under Agreement. This would mean that a listing would continue to show as Active for days / weeks after the offer was accepted.
This status often caused confusion with home buyers that thought a property was available only to find out when they contacted their buyer agent or the listing broker that the property had an accepted offer.
The board believes that this change will help homebuyers have a much better understanding of market conditions and property availability.
This new guideline will take effect over the next 1 to 2 months as MLSPIN educates listing brokers to the new guidelines.