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Status Field Definitions

Here are the definitions for “Contingent REO” and “Contingent SSale (Short Sale)” that are on the REO and Short Sale reports.

Contingent-REO – Mandatory mark as Contingent-REO a the time of the bank/asset manager gives a verbal acceptance. Mark as pending when the listing agent receives a fully executed purchase contract.

Contingent-SS – Mandatory mark as Contingent-SS (Short Sale) at the time the seller signs a purchase contract (it is optional to use Pending status, rather than Contingent-SS). Mark as Pending when the listing agent receives written short sale lender approval.

Keith Note: When a property goes “Pending” status, it no longer appears on the MLS Listing Searches.

Written by Keith Byrd - Go to Keith's Website/Profile