Recently, our MLS added a new field to our data file called Status and I believe we are the only Central Coast real estate website to display this info for properties. When you display the details for a property, you’ll now see “StatusType” displayed at the end of the list under “Additional Features”.
The possible choices for StatusType are:
Contingent SS (Short Sale)
Active means that the property is on the market with no accepted offers.
Contingent means that there is an accepted offer but it is contingent on something else happening (usually a property the Buyer has that has to sell first). Someone else can submit an offer on a contingent property and if the Seller likes the new offer better, they can allow the first Buyer an opportunity to remove their contingency. If they can’t/won’t, the Seller can cancel the first offer and accept the new offer.
Contingent REO is used at the time the bank/asset manager gives a verbal acceptance. The property is then changed to Pending when the listing agent receives a fully executed purchase contract. When a property goes to Pending status, it no longer appears on the MLS Search.
Contingent-SS is used at the time the seller signs a purchase contract for a Short Sale listing. It’s changed to Pending when the listing agent receives written short sale lender approval.
The StatusType field is particularly useful in Short Sales because banks can take months to respond to submitted purchase contracts.
We will be enhancing our REO and Short Sale Listing Reports to indicate the Status of these properties on the report as well.