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Matrix

 

Matrix Tips/Resources from MAR

RECORDED 06.2021

MLS Status Definitions

THE IMPORTANCE OF LISTING STATUS ACCURACY

Listing status plays an integral role in the buying and selling of real estate. Buyers Agents use the MLS to locate available properties that meet their customer’s needs, and Listing Agents use closed sales to price homes.

Did you know that once the status of a listing changes, it must be reflected in the MLS within 2 business days? Failure to update a listing status is a $200 administrative fee. Repeat offenses even double or triple the fine amount.

 MLS STATUS DEFINITIONS

  • Coming Soon: The property is listed for sale or rent and will be available for showings and open houses on the Go-Active Date. Offers can be submitted during this status. Days on Market do not accumulate.

  • Active: Indicates that the subject property is available for purchase or rent. Showings are NOT required. Days on Market accumulate.

  • BackUp: The Property is under contract. Seller WILL consider and may accept written backup offers. BU is a sub-status of Active status. Days on Market stop accumulating.

  • Contingent (Flexmls only): Property is under contract, but the contract is contingent on some additional action (Sale of another property, inspections, financing approval, etc.). Property is NOT available to be shown and the seller WILL NOT accept back up offers. Days on Market stop accumulating.

  • Pending Sale: Property is under contract and contingencies have been removed/satisfied. The Property is NOT available to be shown and the seller WILL NOT accept back up offers. The transaction is waiting to close. Days on Market stop accumulating.

  • Expired: Listing agreement between the owner and Participant (Listing Broker) has ended.

  • Temporarily Off Market: Property is temporarily unavailable, but the Listing agreement is still enforced. Owner agrees to abide by financial obligations as termed in the listing agreement. Note: Upon midnight of the expiration day the system will automatically convert “TMP” listings to “EXP.”

  • Withdrawn (Matrix only): Property has been removed from the market, however the Listing agreement is still enforced. Owner agrees to abide by financial obligations as termed in the listing agreement. Note: Upon midnight of the expiration day the system will automatically convert “WTD” listings to “EXP.”

  • Cancelled: Listing agreement between the owner and participant (Listing Broker) has been terminated prior to the listing agreement expiration date. Participant (Listing Broker) agrees to release owner of any financial obligations. Broker should retain written approval/agreement from seller for this action.

  • Closed Sale: The terms of the listing agreement have been completely executed and the subject property has been successfully brought to close.

  • Rented: Property is under a Lease Agreement. Rental Price amount should be a per month basis.

Brian Williams

Vice President, Professional Development | Miami-Dade County for Berkshire Hathaway HomeServices EWM Realty