RMLS STATUS CATEGORIES AND WHAT THEY MEAN FOR BUYERS
Are you looking for a home and don’t know what the status categories on the RMLS mean? It can be confusing! Buyers seem to be looking at listings a little closer now due to our low inventory market, and I’m often asked questions like, “What does BUMP mean?” and “Can I write an offer on a pending transaction?” In today’s blog, I break down the different types of statuses and talk about how they affect buyers.
WHAT IS AN ACTIVE LISTING?
An active listing in on the market and does not have an accepted offer. The listing is available for buyers to see and make an offer on.
WHAT IS A PENDING LISTING?
There is an accepted offer and the listing is under contract with a buyer. The seller may not cancel the contract and accept another contract when a home is pending, however, the seller can show the home and accept a backup offer in case the first buyer walks away.
WHAT IS A SOLD LISTING?
The listing is no longer on the market. There is usually a date of sale at the bottom of the listing. Buyers often send me listings from popular websites, only to find out they sold several years ago and are not currently on market.
WHAT IS A BUMPABLE LISTING?
There is an accepted offer, but the buyer owns a house that must be sold before they can purchase another property. The bumpable listing can be shown and a new buyer can make an offer. The first buyer is notified if another offer is made, and usually has about 5 days to remove the contingency or cancel the contract. Keep in mind, the seller can choose to honor the first buyer’s offer regardless of what the second offer brings.
WHAT IS A WITHDRAWN LISTING?
The listing is pulled from the market but still under contract with the listing brokerage. Withdrawn listings may not be showed to potential buyers. Common reasons for withdrawing include repairs or an unexpected personal event.
WHAT IS A CANCELED LISTING?
The seller removed the listing from the market and is free to relist with another brokerage. A seller can cancel for many reasons such as deciding not to sell, changing brokerages, or canceling for a short time and then coming back on market.
WHAT IS AN EXPIRED LISTING?
All contracts have an expiration date. When that date arrives, the listing expires and is no longer under contract with the brokerage. Expired listings often come back on the market in the next day or so.
WHAT IS A SHORTSALE?
The seller owes more to the bank than he or she can sell the home for.
WHAT IS A SHORTSALE PENDING?
The listing is under contract with a buyer. The seller will often allow showings and accept back up offers because of the time it takes to get bank approval for the first buyer.
SHORT SALE PENDING: SSP