Date Set for ACT with a Flag Status Removal
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Contingent (CTG) Status Coming Soon!
As you know, we've previously announced the decision of MLS PIN leadership to do away with the Active with a Flag status. The effective date of this change will be Tuesday, May 21, 2013. As a reminder, what this means is:
All listings that are ACT with a Flag will automatically be changed to the UAG status. Starting May 21st, you will be required to mark a listing as UAG when you have a fully executed offer to purchase. Please note, we will still have the ACT with a Kick-out status (ACT), available only for those listings with an offer that has a kick-out/right of first refusal contingency.
In the months following this change, we will be releasing a new status called 'Contingent' (CTG). This new status should meet the needs of those listings that have accepted offers but are continuing to show for additional offers, while eliminating some of the issues associated with the abuse of the Active with a Flag status.
The CTG status will be an "active" status. However, it will be displayed as CTG and not ACT. Additionally, this status will be fed out to all third party websites as 'Contingent,' not as 'Active.' This should eliminate much of the confusion in the marketplace. Finally, there will be a set of six choices for which you can mark a listing CTG. There will no longer be an option to leave a listing ACT for any reason. The CTG must meet one of the following conditions:
a. Inspection b. Attorney Review c. Appraisal d. Financing e. Third-Party Approval f. Pending P&S
With this change, we will also be adding in an Offer Accepted Date field. This field will allow you to better track market activity by seeing when offers were accepted in situations where properties have remained "on the market."
Look for more information on the release of the new Contingent status in the weeks to follow.
Sincerely,
Your MLS PIN Team
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MLS Property Information Network, Inc.
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