BUYER AND SELLER TOOLKIT
Metro MLS has created this toolkit for members to use when speaking to clients. This information includes a breakdown of the different parties involved in the home buying and selling process, an overview of how the listing process works, and an explanation of listing terms and clear cooperation.
MEET THE PLAYERS
This video will give you an overview of the home buying and selling process and the individuals who play a role in the transaction. We also have an information sheet available to print and give to your clients on each step and individual involved in the transaction process.
PATH OF A SUCCESSFUL LISTING
This diagram will give you an overview of how the listing process works. We also have the diagram available for you to print and provide to your clients if necessary.
Important Information to Know
This section explains the different listing statuses and all the critical information regarding clear cooperation and excluded listings.
Listing Statuses Explained
Active refers to when a listing is available for showing and the seller is accepting offers. The seller has potentially received offers but has not accepted one yet.
Delayed is a listing type that requires a seller’s consent. It allows the REALTOR® to enter the listing into the MLS for up to 21 days without being shown. Marketing of the property can be done when it is in Delayed status. However, no showings of any kind, such as agent previews, broker opens or public showings, are allowed until the listing moves to Active status. A listing must be entered in as Delayed from the start.
Active with Offer
Active with Offer is when there is an accepted offer, but the seller is seeking backup offers in case the buyer falls through. The seller is still showing the property and taking secondary offers. Offers must be updated within 48 hours of acceptance. Days on Market will continue to accumulate when a listing is Active With Offer.
Pending indicates that the seller has an accepted offer. All the contingencies have been met, and the seller is no longer showing the property. The property is in escrow, as both parties are working towards closing the deal. It will remain pending until all the legal work has been processed. Days on Market do not accumulate when a listing is Pending. Secondary offers are not accepted.
Withdrawn status allows for the seller to temporarily stop showings. Days on Market will include the withdrawn time once the listing goes back to Active status. The REALTOR® can market the property. But, no showings of any kind, such as agent previews, broker opens or public showings, are allowed until the listing moves to Active status.
Printable information sheet that details listing statues: Listing Statuses Explained (PDF)
Clear Cooperation with Excluded Listings
The National Association of REALTORS® and Metro MLS uphold the standards of clear cooperation and fair housing.
Sellers can exclude their property from the multiple listing service, but it comes with stipulations. REALTORS® are not allowed to advertise a property that is excluded from the MLS. This leads to less exposure to the property and potentially a reduced sales price.
The only permissible intended purpose of a seller excluding a property from the MLS is to allow privacy and provide additional confidentiality.
Printable information sheet on clear cooperation with excluded listings: Rules on Excluded Listings (PDF)