Last week’s post discussed how the Consolidated Multiple Listing Service (CMLS) handled contingency contracts. Today’s post examines the different statuses available to the real estate agents in CMLS which allows for a more accurate accounting of the status of the listing.
The CMLS statuses fall into two categories; those listings that continue to be disbursed to the data feeds and those listings that do not.
The category of listings that continue to be disburse to data feeds are the following:
ACT- Active Listing.
CSC- Contingent on Sale and Closing. This status is used for all contracts accepted as Sale and Close Contingency.
AOC- Active on other Contingency. This status may not be used for contingent on financing.
In the category of listings that are not disbursed to data feeds are the following:
PEN- Pending. This is used for a ratified contract having no other contingencies other than financing. Pending listings will remain in the system up to six months past the expiration date at which time the listing will automatically expire. The listing will show the original expiration date.
PCI- Pending Contingent on Inspection. This status is used for a ratified contract but the contract is still within the inspection period allowed by the contract. The listing will automatically be changed to PEN (pending) after 15 days unless changed sooner by the Listing Agent.
P3P- Pending Third Party Approval. This status is used when a ratified contract is in place but the contract is contingent on a third party approval such as a short sale. Upon third party approval, Listing Agent changes to the appropriate new status.
CCL- Contingent on Closing.
CLS- Closed. The closing of a sale must be entered into the computer by transfer to a comparable within 5 business days of the closing of the sale.
SBL- Sold Before Listing. This status is used for a custom build job entered as a comparable as the property sold before being listed.
MAY THE 4th BE WITH YOU ON CINCO DE MAYO IS TOMORROW-THURSDAY: MAY 4, FROM 5:30 TO 8:00 AT 701 WHALEY STREET.
ALL REAL ESTATE AGENTS ARE INVITED. FOOD, DRINK AND GREAT PRIZES!
Photo by Flyinace2000