We Have a Status For That…

We hope you find this article helpful, clearing up any confusion concerning which status to use. Please download this handy Status Reference Sheet as a referral.

Using Pending-No Show

Can anything be more frustrating than finding the perfect home for your buyers only to find out that the seller is not accepting offers? This scenario has become the most reported violation. Part of the trouble stems from a misunderstanding of the Active-Pending statuses, partly it is due to the listing agent hoping to attract a perspective buyer through the continued marketing of the listing, and – we fear – it is due in part to a lack of education. We are hoping to handle the education piece right now.

If there is an accepted offer on a listing it is no longer Active – so far so good –  everyone knows that… If the seller wants the home to continue to be shown and will accept back up offers, the status is Active Pending-Call, House, Short Sale, Loan. Once the seller will no longer accept back up offers, the listing should be changed to Pending-No Show.

But, what if the deal falls through? The listing agent would then change the status to Back On Market. New auto email notifications are generated and sent to perspective buyers announcing that the property can now be shown and/or receive offers. 5 days later the status will automatically trigger back to Active.

But, what about sending the listing out in syndication to consumer websites? In most cases only Active listings are distributed through IDX and syndication. NNRMLS includes the full descriptor in the status field when we deliver the data. However, many websites only display the Active part of the status. So if the true status is Active Pending Short Sale, the public sees it as Active. This is fine if the seller is in fact accepting back up offers, but if not, this is a huge source of frustration for the public and for our members who are trying to serve their clients.

An enormous percentage of listings in our MLS move directly from Active Pending Call to Sold; completely bypassing the Pending-No Show status. This opens the listing agent up to citation, misses the advantages of marketing the listing Back on Market if the deal does fall through, and wastes the time and energies of both the consumer and fellow members.

As always, if you have any questions regarding the correct status of your listing, please contact your staff at NNRMLS. We have created a handy Status Reference Sheet that you can download by clicking here.

Remember: All status changes must be entered within 2 business days of seller’s signature or acceptance of offers.  Failure to update listing with the correct status could result in a Level 2 Citation.

 

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