Listing status violations are the most reported violations to MRMLS, however the rules are relatively simple.  In section 10.2 of the CARETS Rules and Policies, listings with an accepted offer shall be reported or input into the MLS database as “PENDING” or “BACK-UP” within 48 hours by the listing agent or listing broker.

It is the listing agent’s responsibility to report status changes within 48 hours of an accepted offer, regardless of contingencies.  Furthermore, when a listing’s status is changed to SOLD, HOLD, WITHDRAWN, CANCELLED or LEASED, the listing’s change in status must be reflected in the MLS system within 48 hours.

Questions and Answers:

Q.  If I have an accepted offer, do I have to change my listings status? 

A.  Yes, you have up to 48 hours to change the listing status from ACITVE to BACK-UP or PENDING

Q.  If I have an accepted offer, can I keep the listing status as active if the bank has instructed me to keep it on the market? 

A.  No, if an offer has been accepted, the listing is no longer ACTIVE.  To meet the bank’s request in this case one could chose to set the listing status as BACK-UP. BACK-UP is an ON MARKET Status.

Q.  What do I put in the Estimated COE/End Date, if I know date will change? 

A.  The Estimated COE/End Date is a calculation that is stated on the Purchase agreement.  For example, if you expect a 30 day escrow, enter the date 30 days from the acceptance of the offer.  The listing agent or broker may change the Estimated Selling Date prior to the COE/End date.

Q.  What are On Market and Off Market Status’ and how are they defined? 

A.  On-Market Statuses:

ACTIVE (A): A valid listing contract exists and no offer (with or without contingencies) has been accepted by seller.

BACK-UP (B): Offer accepted and either 1) Seller requests that property remain in an On-Market status and is looking for back-up offers, or 2) the sale is subject to court or other third party approval.

Note:  Both Active and Back-Up listings are marketed through our IDX feeds, ListHub, VOWS, Publications (i.e. Reatlor.com) and more!

     Off-Market Statuses:

PENDING (P): The Seller has accepted an offer and is not soliciting offers through the MLS.

HOLD (H): A valid listing contract is in effect, however, because of various reasons such as repairs, illness, guests, etc., the Seller has requested that temporarily there be no showings.
WITHDRAWN (W): A valid listing contract is in effect, however the property is no longer being marketed.

CANCELLED (K): The listing agreement has been canceled..

EXPIRED (X): The listing agreement has expired. The time frame of the existing listing contract has run out. This is an Off-Market status.

SOLD (S): Escrow has closed.

LEASED (L): The property has been leased.