Time after time I have come across Short Sale Listings which read as "Active" though when calling into the listing agent I discover that the seller has accepted an offer, but the listing agent still has the property as "Active." From my perspective this is incorrect and a major change or educational email needs to be sent out to everyone regarding this matter.
Dear listing agent: Once your Seller has accepted an offer, whether a Short Sale or not, you have 48 hours to change the status of your listing from "Active" to "Pending or Backup Offer." Even though the bank still has to agree to the terms of the Short Sale offer, you have an accepted offer agreed to by two parties one being the seller and the other a buyer.
From my conversations with our local MLS department they have informed me that a listing agent who has an accepted offer must make a change to identify the "true" status of the property. They have informed me that if the listing agent wishes to continue generating offers for their Short Sale listing, they then should change the status to a "Backup Offer."
This really does makes sense to me for it will present a true picture as to the status of the property, while informing interested agents of the possibility of their offer being considered.
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