Bright MLS Update 11/2018

Active

Properties currently subject to a listing contract and reported to BRIGHT MLS in which the Participant has been directed by the Seller to:

• set appointments for showings (new construction may not qualify), AND
• seek agreements of sale to present to the Seller; AND
• the listing is on the market and a written offer has not been accepted.

Active Under Contract

Properties in which

• a written offer has been accepted but the Seller agrees to:
  • continue to show the property AND
  • accept backup offers.

Sub-categories for Active Under Contract include, but are not limited to, Kick Out, Third Party Approval, Attorney Review Period, and First Right of Refusal.

Cancelled

Properties in which the listing contract has been terminated prior to the expiration date.

Closed

Properties in which

• A successful closing has taken place and title has been transferred from Seller to Buyer or in which possession of a property has been transferred from a lessor to a lessee.
• the agreement of sale has been fulfilled or the lease agreement has been executed.

Coming Soon

Properties currently subject to a listing contract and reported to BRIGHT MLS in which the Participant has been directed by the Seller:

• to market (or pre-market) the property
• but not to set appointments for showings during a current, specified time-period.
• No agreement of sale is currently in effect.
• This listing has not yet been on the market but will be on the market soon. A listing contract has been executed but the property cannot be shown.

Listings can only stay in the Coming Soon status for 21 days, after which they will change to Active.

When a listing’s status is reported as Coming Soon, the showing appointment prohibition is deemed to apply to all Bright MLS Participant and Subscriber, including those affiliated with the listing broker. If a listing with a showing prohibition may be shown by at least one licensee affiliated with the listing office or listing company, the Coming Soon status may not be applied to the listing. Such a property must be filed with Bright MLS as an Exempted Listing.

During the specified period the status of a property is Coming Soon, if the Participant receives an agreement of sale (whether solicited or not), it must be presented to the Seller in accordance with all applicable laws and regulations.

Expired

Listings of property in which:

• the listing contract has passed its contractually agreed upon expiration date, AND
• the Participant has not secured permission from the Seller on or before that expiration date to extend the term of the listing for an additional period of time.
• the listing contract has expired.

Temporarily Off Market

Listings of property in which the Seller has requested the Participant to:

• temporarily suspend the marketing of the property, AND
• not set appointments for showings, while the listing contract between the Participant and the Seller remains in effect.
• the listing is off market, but a contract still exists between the seller and the listing broker and the listing is expected to come back on market.

Pending

Listings of property in which:

• an agreement of sale is in effect,
• the settlement has not yet taken place, and
• the Participant has been instructed by the Seller to no longer set appointments for showings,
• a written offer has been accepted and the listing is no longer on the market.

Withdrawn

The listing has been withdrawn from the market, but a contract still exists between the Seller and the listing broker and there is no intention to bring the listing back on the market.

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Have you ever wondered what status to put in MRIS? Sometimes it can be so confusing. But its pretty simple if you just know the definitions.

The one that causes the most confusion on MRIS Status box is CNTG/KO -Contingent with Kick Out

This status means that the listing has an accepted contract but it is contingent upon the buyer getting a contract and closing on their current home.  Additionally, contingent kickout (CNTG/KO) means that if a buyer who can purchase without selling a home could make an offer on the home.  If the seller likes the second offer better, he could give notice to his first buyer that the first buyer must waive the contingency or be kicked out of the contract so that the seller can move forward with contract number 2. Usually there is a time from that the original contract must perform.

MRIS uses the following status types to indicate a property’s availability:

• ACTIVE – Indicates that the property is available for showing with no contingencies, contract or rental application registered against it.
• CNTG/KO – (Contingent with Kick Out) – Indicates that the property is available but has a contract with at least one pending contingency that includes a kick out clause.
• CNTG/NO KO – (Contingent with No Kick Out) – Indicates that the property is available but has a contract with at least one pending contingency and the pending contingencies do not contain kick out clauses.
• APP REG – (Application registered) – Indicates that the property is available but a rental application has been registered on it.
• CONTRACT – Indicates that the property has a ratified contract with no pending contingencies.
• SOLD – Indicates that the property is sold and settled.
• RENTED – Indicates that the listing has been rented.
• TEMPORARY OFF – Indicates that the property is not available for showing. This status is for short term use, 14 days or less, and must have seller approval.
• EXPIRED – Indicates that the listing agreement has expired.
• WITHDRAWN – Indicates that the listing agreement has been terminated prior to its listing expiration date.

If you co not use the correct status types in MRIS, you may be subject to a fine. The best real estate agents know what to do. Be the best in Fredericksburg!

BTW…. The best status type is…….SOLD!!