TEXAS FIVE STAR REALTY

Info@TexasFiveStarRealty.com

 
214-457-7055

 

 

Texas Real Estate Commission Information About Brokerage Services                       Texas Real Estate Commission Consumer Protection Notice

Dallas homes for sale, Plano homes for sale, Frisco homes for sale, Prosper homes for sale, Allen homes for sale, McKinney homes for sale, Murphy homes for sale, Celina homes for sale, homes for sale

Home

About Us Buyers Sellers Investors Commercial Relocation Contact Us Lenders Inspectors Titles
Builders Vendors PlaceHolder
Search Properties
Find Your Home's Value
Local Market Snapshots
Local Real Estate Trends
National Market News
Foreclosure vs. Short Sale
Dallas FW City Directories
Dallas FW School Ratings
Dallas FW City Tax Rates
Estimate Closing Cost
Mortgage Calculator
Mortgage Amortization
Green Tax Credit
Types of Loans
Relocation to Texas
Customers vs Clients
Repair Cost vs Value
Rent vs Buy Calculator
Your First Home?
My Blogs
Testimonials
Test Your R. E Knowledge
  Property Management
Open House Manager Tool

NTREIS MLS STATUSES

NTREIS (North Texas Real Estate Information System) MLS STATUSES
Rules and Regulations

Most MLS rules require that participants accurately report the status of listings and promptly report changes in that status. All status changes must be made in NTREIS MLS within three days. Following is a list of NTREIS (North Texas Real Estate Information System) MLS status codes and their Explanations.

"Active" – ACT- Property is available for sale.

"Active Option" – OPTION - Property is available for showings and back-up contracts. Property is under contract with an option. Once the option expires, the status must be changed.

"Active Contingent" – CONT- Property is available for showings and back-up contracts. Property is under contract with a contingency. Contingencies are not limited to Sale of Other Property, they can be almost anything. Typical contingencies include, sale of other property, lender approval required (as in a short sale), financing and inspections. It is appropriate to use this status until all contingencies have been met. This could potentially go right up until closing in the case of financing.

"Active Kick Out" - KO - Property is available for showings and back-up contracts. Property is under contract with a Contingency for Sale of Other Property with a Kick Out Provision. It is appropriate to use this status until the contingency has been met.

"Pending" – PND - Property is under contract with no more showings. While it is not a violation to use this status if there is a contract with a contingency or kick out, it will virtually eliminate the possibility of receiving any back-up offers. Typically, this status should only be used after all contingencies have been met and you are just waiting for closing. The Pending status is the only status that will survive the expiration date, but the expiration date must be extended during the entire time this listing is pending. If the expiration date is not extended, the listing agent will receive a Data Checker Violation notice.

"Temporarily Off the Market" – TOM - This status should be used when the owner does not want showings for a brief time during this listing. This could be due to repair or remodel, owner illness, or other reasons. The expectation is that this is a temporary situation, and the listing will be returned to Active or some other status after a brief period. DOM and CDOM continues to accumulate while the property is in the TOM status.

"Withdrawn" – WTH - Property is no longer available for showings and is effectively off the market. The listing still belongs to the listing broker until it expires. It is not available to be listed by another broker until it expires. This status is typically used when the seller decides not to sell the home, and the broker does not want to release the listing until it expires. DOM and CDOM continues to accumulate while the property is in the WTH status.

"Withdrawn Sub-Listing" - Under the sub-divided listing function, you can have a main listing with several sub-listings. Individual sub-listings can be withdrawn. Withdrawn Sub-Listing would mean the sub-listing is no longer available.

"Expired" – EXP - The status automatically changes to expired when the listing expires (based on the expiration data entered into MLS by the listing broker). DOM and CDOM stop counting when the listing has expired.

"Cancelled" - CANC - The seller and listing broker agree to terminate the listing, and the listing is then cancelled in MLS. This is an UNCONDITIONAL RELEASE of the listing, and it can then be listed by another broker in the MLS. DOM and CDOM stop counting when the listing is cancelled.

"Sold" - Property has been sold. DOM and CDOM stop counting when the listing is sold. All status changes must be made in the MLS within 3 days.

 

Short Sales and the MLS

What exactly are the rules for Short Sales listed in NTREIS? The term Short Sale is not allowed under "Property Description," "Directions," or "Photo Description." It is, however, allowed under "Private Remarks" (see NTREIS rule 10.02). There is also a button that can be checked to state it is a "Possible Short Sale." This is a searchable yes/no field using a custom search. Any reference to financing does not belong under "Property Description." This section is reserved to only promote the amenities of the property and neighborhood when describing the property.

The buyer and seller (homeowner) in a short sale are the parties to the purchase contract. Once both the buyer and the seller have signed the contract, the status in MLS must be changed from "A" (Active) to "AC" (Active Contingency). The contingency is "Lender Approval Required." It is not appropriate to leave the status as "A" (Active) while you are waiting for lender approval. All status changes must be made in MLS within three days. MLS Status Explanations:

Active - Property is available for sale (showings).
Active Contingent - Property is under contract, but there is a contingency (i.e. Lender Approval, Sale of Other Property, Financing) - still taking showings.

 

Status of listing of Contract Pending in MLS

Excerpt from TAR (Texas Association of REALTORS®) News Letter.

There is a contract pending on a listing. The listing agent wants to leave the property as an "active" listing in the MLS because he believes other agents will not be likely to show the listing for backups if its status is changed to "pending" or "pending under option" or any one of the other appropriate status designations in our MLS. Is this an MLS rule violation? (Updated Feb. 6, 2008)

    • Most MLS rules require that participants accurately report the status of listings and promptly report changes in that status. It is likely that the listing agent would violate the MLS rules if the pending status of a contract on the property is not timely reported to reflect the correct status designation provided by those rules. While some buyers might be interested in looking at properties that have pending contracts on them, other buyers might not want to consider those properties. It would be unfair to those buyers who are not interested in looking at "pending" properties to mislead them about the true status of the properties advertised in the MLS.

 

A buyer's agent should ask his clients about their interest in looking at properties that already have contracts pending on them.

Contact us about your Real Estate Questions

Equal Housing Opportunity Commission Bahman Davani REALTOR

Bahman Davani, CM
Broker/REALTOR®
ABR, GRI, CDPE, SFR,
TAHS, eAgentC, and
CCIM Candidate

Office: (214) 457-7055
Cell: (214) 457-7055
Fax: (972) 596-7984

P.O. Box 261665
Plano, TX 75026-1665

Contact Form

First Name Required*

Last Name
 

Email Address Required*
 

Phone Number
 

Comments/Questions


Enter the code above                  

Texas Five Star Realty
P.O. Box 261665
Plano
, TX 75026 US
Phone: 214-457-7055
Website: www.texasfivestarrealty.com/
Click to Subscribe to our RSS Feed Subscribe to this page RSS
follow me on Texas Five Star Realty LinkedIn follow me on Texas Five Star Realty Plaxo Send Texas Five Star Realty Text via email
Follow ME button from AddThis
Follow US:

Share, Pin and LIKE This Page:
    Share this page in Facebook 

My Blogs:
Subscribe to Bahman Davani Blogs RSS See Bahman Davani Blogs See Bahman Davani Blogs in ActiveRain See Bahman Davani Blogs in WordPress Texas-Five-Star-Realty-Manta-Badge See Bahman Davani Blogs in SlideShare See Bahman Davani Blogs in Zillow   See Bahman Davani Blogs in Klout See Bahman Davani Blogs in Plaxo See Bahman Davani Blogs in Blogger

My Real Estate Designations and Certifications:
Bahman Davani REALTOR Bahman Davani Commercial REALTOR Bahman Davani ABR Designation Bahman Davani GRI Designation Bahman Davani CDPE Designation Bahman Davani SFR Shortsale Forecolsure Resource Certification Bahman Davani TAHS Texas Affordable Housing Specialist Certification Bahman Davani Inbound Marketing Certification Bahman Davani Certified Manager from Institute Certified Professional Managers Bahman Davani eAgentC Internet Profficiency Certification Bahman Davani NMLS RMLO Residential Mortgage Loan Originator License Bahman Davani TRLP Texas Real Estate Leadership Program Graduation Send Texas Five Star Realty Text via email

Additional Resources and Newsletters:
Texas Five Star Realty website Mortgage News Daily from Texas Five Star Realty website Bahman Davani Credit Score Tips and Tricks book published by Texas Five Star Realty Bahman Davani Credit Score Tips and Tricks book published by Texas Five Star Realty          


. Copyright 2011-2014 Texas Five Star Realty Web Site Developed by We provide a fast and easy solution for your business. .