how to handle a short sale contract in MLS

seems like a pretty basic question and I should know the answer but I am unsure.  If an offer is signed by both buyer and seller and submitted for 3rd party approval is it contingent or active status in MLS?

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Permalink Reply by Bryant Tutas on April 1, 2012 at 9:47am

 A fully signed offer is a contract. The property should be in pending status.

Permalink Reply by Jill Ford on April 1, 2012 at 10:34am

Thanks Bryant, that is what I thought but the question came up and I wanted authoritative back up for my position!!

Permalink Reply by Tara Samney on April 2, 2012 at 2:28am

Check with your local Realtor assoc on MLS regulations.  Where I am at is pended BUT that just went into effect last summer.  Before that we were allowed to market as active as long as we wrote it was under contract and looking for back-ups in comments. This was written into MLS regulations as an exclusion for short sales.  Pending does make the most sense and avoids headaches.

Permalink Reply by Jeff Payne on April 2, 2012 at 9:11am

Pending in my area, no different than any other contract

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on April 2, 2012 at 10:10am

In SoCal it would be "Backup" or "Contingent" until apporved and all Buyer contingencies are removed then it would be "Pending" until "Sold".  In any case, once signed by Buyer and Seller it is NOT "Active" - and could result in a heavy fine.

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