Understanding MLS Language
Here are the nine most common property listing status types:
This home is available for purchase, or is in some stage of negoiation with a buyer, but no deal has been struck.
Although a transaction can be written and accepted as contingent, the MLS no longer offers a contingent status. Most questionable or contingent sales are set to the Backup Sale status.
For a particular reason, the seller is concerned that their accepted offer may not close. Examples of why listings are set to backup status include:
- Buyer financial concerns
- Market concerns
- Sense of security
- Just because (some agents always put their listing into backup status until all contingencies are removed. )
When a listing is flagged as Backup, the seller is soliciting additional offers for negotiation and acceptance. In the event that the first position offer fails, the next accepted offer immediately kicks into action.
We don't know of any hard and fast rules regarding the Hold Status. In broad terms, the hold status is used for many reasons including:
- Seller is doing work on their property and wants to temporarily stop showings
- Seller wants their home off the market for a particular reason
The listing agent has withdrawn a listing from the MLS, the property is no longer listed for sale and the terms of the listing on the MLS are no longer are in effect. However, a withdrawn listing is still an active listing as far as the MLS is concerned and you may still be bound by the terms of your signed listing agreement.
The seller has opted to remove his home from the market. The property is no longer listed for sale and the listing agent stops all marketing efforts. If a sale is cancelled, there is no longer a contract between a listing broker and seller.
For all parties, the accepted offer seems to be solid enough to cease the solicitation of additional offers.
Did you know: one in four escrows will fall apart, and this includes deals that looked great on paper, but couldn't close for one reason or another. The only 100% deal is a closed transaction.
The contractual agreement between broker and seller has expired. The property is no longer listed. In the South Bay, most agents will list a home for 180 period.
Status says it all