REALTORS® must report an accepted offer with the listing status as “Pending” or “Active with Offer” to Metro MLS within 48 hours of the listing going under contract.
REALTORS® do not need to change the status of a listing if the accepted offer features a bump clause for a home sale contingency. If there are other contingencies in the accepted offer, including inspections and mortgage approval, REALTORS® must report a listing status change as “Pending” or “Active with Offer.”
If a REALTOR® is still showing a property after an accepted offer, then the listing status change should be “Active with Offer.” If a REALTOR® is not showing a property, the status should be “Pending.”
When a REALTOR® reports a listing as “Pending” or “Active with Offer,” the date entered should be the date the seller accepted the offer.
If a property has an offer with a bump clause, Metro MLS recommends REATORS® put in the private remarks that they currently have an offer with a bump clause and to allow the seller a specific time frame for acceptance.
The practice of not following the listing status rules violates the standards outlined in the REALTORS® Code of Ethics. Article 3.6 of the Code of Ethics states, “REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.”
Metro MLS prides itself on offering accurate data to assist its members and effectively enhance fair housing for all individuals. MLS rules allow Metro MLS to sanction REALTORS® at the current rate if they violate the listing status rules.