Contingent / Pending Status
Posted by Gary Bild on 04 June 2015 08:51 PM
The only time a traditional sale listing (meaning not short or REO) is allowed to go into the Contingent status is if the sale is contingent on the sale of a buyer’s home WITH a Contingent on Sale of Property – CAR COP form where there is a 72 hour first right of refusal in place. If it is contingent on the sale of the buyer’s property and there is no First Right of Refusal then the listing goes into the Pending status. Listings contingent upon inspections or financing go into the pending status.
7.10 Contingencies. Any contingency or condition of any term in a listing shall be specified and noticed to the participants in the first line of the “remarks” section of the listing input form. All sales contingent upon (finance, inspection, etc.) must be placed into a Pending status. See section 10.1.1 reporting of contingent sales.
10.1.1 Contingent Status.
Listings in the Contingent Status are considered on-market listings and should be allowed to be shown per the MLS rules. A listing in the Contingent Status that is pending lender approval of a short sale and is not available for showings may be updated to a Pending status by choosing a new option under the drop down menu under Mandatory Remarks. By choosing the new option (f) Offer accepted pending lender approval no further showings – the listing will be moved by the system into the Pending Status.
Changes are indicated by the use of bold text as seen below in a full display of this rule.
10.1.1 Contingent Status. The Mandatory Remarks field in the MLS must be modified within twenty four (24) hours if any one or a combination of circumstances listed in (a) through (e) are in effect and meet the criteria below:
(a)Offer accepted contingent on court approval
(b)Offer accepted pending lender approval of Short Sale
(c)Offer(s) submitted awaiting lender approval of Short Sale
(d)Offer(s) submitted awaiting REO approval
(e)Offer accepted with __ hour first right of refusal
(f)Offer accepted pending lender approval no further showings – listing will be marked pending
Offers submitted to parties other than the seller as described in (c) and (d) are under review and are not considered accepted offers. Once the Mandatory Remarks have been notified the listing shall be moved into a Contingent status. Listings in a Contingent status are considered to be on-market and under a valid listing contract.