Effective June 9, 2021, we updated the names of the Show and Deposit statuses to better reflect the true nature of a listing's lifecycle. The following changes went into effect:
- The SHOW status is now known as Under Contract- Continue to Show (UC-CTS). Use this status when there is an executed sales contract, but you still want the property to be shown and are accepting backup offers.
- The DEPOSIT status is now known as Under Contract (UC). Use this status when the property is no longer available for showings.
There are also several Active status flags that can appear on a listing. These are not separate statuses, though. They are simply notifications (flags) that can be added to an Active listing to convey additional information about the property's current situation.
- 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.
- 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. It is a temporary flag and will automatically be removed by the system after 48 hours, at which point the listing will just show as Active (without any flag).
The Under Agreement and Under Review flags can manually be changed at any time.
- The Hubbard Y/N flag has been available on SmartMLS for quite some time. If the purchase of a listed property is contingent on the sale of the Buyer's property, the listing remains in the Active listing status and should be marked with a Y in the Hubbard Y/N field.
Where is the explanation for "Property is Under Non-Binding Purchase Agreement"