Commercial Property Find A Home
RSS Feed

September 24, 2014

ACTIVE, CONTINGENT, PENDING NO SHOW. What’s the Difference?

The various listing status options in our residential MLS platform aide listing brokers in communicating whether a Seller has accepted an offer and/or whether the Seller continues to seek additional offers. Which status is appropriate for certain scenarios?
 
The ACTIVE status should be used when:
  1. the MLS Participant has a current listing agreement,
  2. the property is available for showings, and
  3. no offers have been accepted by the Seller.

Listings for which the seller has accepted an offer should be changed to CONTINGENT or PENDING NO SHOW, with one exception:  If the contingency on the accepted offer is either “House-To-Sell” or “First Right of Refusal,” the listing may remain as ACTIVE, provided that the contingency type is denoted in the Public Remarks and Agent Notes.

The CONTINGENT status should be used when
  1. the MLS Participant has a current listing agreement,
  2. the Seller has accepted an offer with a contingency, and
  3. the Seller continues to seek back-up offers.

Contingent listings will not appear when searching for Active listings. 

The PENDING NO SHOW status should be used when

  1. the MLS Participant has a current listing agreement, 
  2. the Seller has accepted an offer and no longer seeks additional offers, and
  3. there are no unresolved contingencies.

A Pending No Show listing will not appear when searching for Active listings.

For failure to change a listing to the correct status within the required 48-hour timeframe, MLS Participants and Subscribers can be assessed a fine. In addition, let's consider the REALTOR® Code of Ethics, Article 3, Standard of Practice 3-6, which requires, "REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation." 
 
So why not avoid MLS fines and a violation of the REALTOR® Code of Ethics by doing the right thing? Change the status of your listing within the required 48-hour timeframe. This practice will make life easier and less frustrating for your sellers, cooperating brokers, potential buyers and yourself!