Did you know that once a property has an accepted offer, the listing agent must update the listing status in Flexmls® within 48 hours? The two options are “Active with Offer” or “Pending.” The only time it is not required to update the listing status after an accepted offer is if it has a bump clause*.
If you are not sure which status to change your listing to, we are here to help!
Are you still showing the property for backup offers?
If yes, then change the listing status to “Accepted with Offer.”
If no, change the status to “Pending.”
Believe it or not, it is that simple.
REALTORS® must follow the listing status rules. The REALTORS® Code of Ethics states in Article 3.6, “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.
*If a property has an offer with a bump clause for a home sale contingency, Metro MLS recommends REALTORS® 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.
You can find more information on listing statues here.