You found the perfect house in the perfect neighborhood, but your Agent says it just went from Under Contract to Pending. But what does that mean? Here's a quick guide to MLS listing status options.
Delayed - Delayed status is relatively new to MLS. It is the MLS equivalent of 'Coming Soon.' This status option lets you know a property will be on the market but isn't just yet. While anyone can put a 'Coming Soon' sign on a listing for any amount of time they wish, a property can only be in MLS as Delayed for 14 days before the listing automatically changes to Active. During Delayed Status, the property is not available to be shown, even by the Listing Agent.
Under Contract-Backups - This status is shown as UCB and is for a property where the Seller has accepted an offer, but it is still in the ten-day inspection period. During this time the Seller is accepting back-up offers on the property in the event the current offer cancels. A back-up offer cannot take the place of the first offer unless the first offer cancels.
Contact Contingent on Buyer's Sale - This status shows as CCBS and lets us know there is an accepted offer that may or may not still be in the inspection period but is contingent upon the Buyer selling their current home. There's always a chance the Buyer's sale could fall through, and the Seller could accept a back-up offer if that turns out to be the case. If your purchase is contingent upon you selling your current home, this is disclosed to the Seller by the use of a Contingency Addendum. The Contingency Addendum lets the Seller know where you are in the process, and allows for you to provide them with any Purchase Documents for your sale. They will use this information to decide whether or not to accept your contingent offer.
Pending - A listing shows as Pending when all conditions and contingencies have been met or cleared, and the Buyer and Seller are waiting for the transaction to close. During this time the Buyer is typically in underwriting, waiting for final approval and a 'Clear to Close' from the mortgage company. A Pending status means that all Buyer inspections have been completed, any needed repairs have been agreed upon, and the appraisal has come in to cover the contract price.
Unfortunately, third party sites do not always show these different options. You may see a property that is UCB showing as available until it becomes Pending, or a Pending property not showing at all, as it is considered 'off the market.'
The best way to search and keep track of Active listings is with a true MLS search, one that is updated from the MLS database every 15 minutes. Feel free to set up your own true MLS search on my website. You can set up an unlimited number of searches with options not available on third-party sites, like accessibility or other unique property features, like guest quarters with a separate entrance. Need something specific? Find it in my search or give me a call.