Ryan Haley’s Buyer Tips, October 2020: Know the Listing Status on MLS
Ryan Haley, owner and broker of Atlantic Shores Sotheby’s International Realty, offers his latest buyer tips for the month of October 2020.
With the current fast-paced property market, one of the top questions that buyers ask is about the status of the listing. Right now, properties tend to be taken off the market almost instantly. This is why it is good to know the different classifications and statuses of properties on the multiple listing system (MLS).
Here are the listing statuses buyers need to know.
Active - This is the status once the property is listed, meaning that the property is being shown to potential buyers, and it is marketed and syndicated to third-party sites such as Zillow, Realtor.com, and Trulia. When ‘Active,’ the property is labeled ‘For Sale.’
Coming Soon - Before the Active status, properties may be marketed as Coming Soon. This status is used by many real estate companies including Atlantic Shores. This is used to build up excitement before going live. A Coming Soon property is not yet available for a showing.
Active Under Contract - Is when an offer has been accepted but there may be contingencies in that contract. Specifically, this is if there is a home sale contingency, however, this status is not usually being used this way. Instead, it is being used for any contingencies which could be financing, home inspection, or review of the home owner’s document.
If the status is Active Under Contract status, the seller can continue accepting backup offers. The seller can accept the next offer should if the first offer did not work out as expected.
On MLS, this status shows ‘Contingent’ next to the listing.
Pending - This status means that the seller has accepted an offer that is not contingent on a home sale. Once the status is Pending, that would stop all showings and will not have backup offers.
On the third-party site, this will show up as ‘Off Market.’
The listing status can be confusing, so it is best to be familiar with these terms. It will also be a tremendous help to work with a great agent who can do some investigation as to the real status of the listing. There could be discrepancies in the listing status in different listing sites and the status may not be changed until later. Work with a reliable agent who would help find out the real status of the property you are eyeing.