I just thought I would post an update from my previous post. I've been in contact with our local MLS here in the Washington, DC area (MRIS) and they agree that once the seller(s) in a short sale sign an offer and the offer has been submitted to the Bank, It's a Ratified Contract with a Third Party Approval contigency. The status must be changed to Contigent Contract.
Once this is enforced, the number of homes being marketed as Active will decrease and more of the other listings on the market will hopefully get more showings. This short sale situation has been a drag on the market and listings agents need to start reporting the status correctly.
Listings agent doing short sales also need to learn about what they are doing. I've seen too many of these listings that have never had any discussions with the bank(s) invloved. The banks don't know the seller is attempting a short sale until they receive an offer for approval. Listing Agents, you need to produce a "short sale package" and submit this to the bank before you put the listing on the market. If you don't know what a short sale package is, find out.
When you submit a contract to the bank...........Update the Status!
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