Listing Status Definitions

 

Active

An active listing is one that is on the market and available for showings.

The following are Change Types within the Active category:

  • New- a listing that has been on the MLS for 14 days or less.

  • BOM (Back on Market)- a listing that was off market (Under Contract, WITH, TEMP) and then comes back on the market and is once again available for sale.  This also applies to Under Contract-Continue to Show listings, even though it is technically considered an available for sale status.

  • RAIS or PINC (Price Increase)*- a property where the price was increased.

  • REDC or PDCR (Price Decrease)*- a property where the price was decreased.

* Depending on the display you are viewing, you will see one of these two codes.  Both codes mean the same thing.

Each Change Type lasts 14 days, after which it goes back to just Active.

 

In addition to these Change Types, the Active status also has three Status Flags that help define very specific scenarios that can occur while a listing is still in the Active status. As is the case with Change Types, Status Flags are not seperate statuses:

  • Active - Under Agreement - In some instances, rather than having a binding contract, you may have a meeting of the minds that has been documented by a memorandum of terms, offer to purchase or some other type of non-binding agreement. Listings in this phase will remain in the MLS as an Active listing status, and are required to be updated with the new Under Agreement Y/N flag. This allows others to know that the property is still for sale but is subject to a non-binding agreement.

  • Active - Under Review - Due to current market conditions, where it is not unusual to have dozens of offers to consider, we have created the Under Review Y/N flag. This flag is required during the time the seller is reviewing multiple offers and showings are not being allowed. These flags can manually be changed at any time. However, if the flag remains after 48 hours, it will automatically be removed by the system and the listing will just show as Active (without any flag).

  • Active - Hubbard Clause -  If the purchase of a listed property is contingent on the sale of the Buyer's current property, the listing remains in the Active listing status and should be marked with a Y in the Hubbard Y/N field.

 

Under Contract-Continue to Show (UC-CTS) 

Under Contract-Continue to Show (UC-CTS) means that either (i) have executed and delivered a purchase and sale agreement or, if earlier, (ii) have executed and delivered a written bilateral offer to purchase, and, in either case, contingencies remain and the Seller requests that the Listed Property remain on market for backup offers. If a listing is in the Under Contract-Continue to Show status, it must be available to be shown to interested buyers.  If it will not be available for showings, it should be in the Under Contract status.  Under Contract-Continue to Show listings do not expire upon their expiration date.

 

Under Contract (UC) 

The status of a listed property when the Seller and the potential buyer of the listed property either (i) have executed and delivered a purchase and sale agreement or, if earlier, (ii) have executed and delivered a written bilateral offer to purchase, and, in either case, the Seller has not requested that the Listed Property remain marketed for back-up offers. Each Under Contract Listing shall be considered to be “off market”.  Under Contract listings do not expire.

 

Temp Off Market 

Temporarily unavailable to be shown but expected to be active in the near future. Temp Off Market listings do expire upon their listing expiration date.

 

Withdrawn

Shall mean the status of a listed property that is temporarily taken off the market. (WITH) Listing remains subject to the terms and conditions of its original Listing Agreement and, as such, expires at midnight on the expiration date of the Listing Agreement.

 

BOM 

BOM stands for Back on Market.  Though this is technically not a Status, but rather a change type, a listing is BOM if it was in an off market status (Under Contract-Continue to Show, Under Contract, TEMP or WITH) and then becomes available again and is brought back onto the market.  In this scenario, the original listing agreement is still valid, as it has not yet reached its expiration date.

 

Cancelled 

The status of a listed property where the Listing Agreement has been terminated prior to its expiration date.

 

Expired 

Listing is off the market following the expiration date of the listing agreement.

 

Closed 

Transaction has completed. The Seller no longer holds title to the property.

 

 
***Please remember: all status changes must be reported in Matrix within 24 hours***


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