What does “Active with Contract” status mean?

In early May 2011, the Mid Florida Regional MLS (the source where all homes in Central Florida are listed for sale), changed their rules to allow for homes that are under contract to remain on the market using a new status called “Active with Contract.”

According to the MFRMLS, the definition of “Active with Contract” means “there is a contract on the property with a contingency; however, the MLS Participating Office will continue to market the property.”

This new status will require a Seller to specifically request in writing that their property remain on the market while the contingencies in the Buyer’s contract have been satisfied.

As per MFRMLS, at least one contingency, such as “pending 3rd party approval, financing or inspections (amongst others), must be checked in the MLS data base in order for this new status to be permitted.

If one of the required contingencies is selected, the property will remain in “active” status for export purposes to sites such as REALTOR.com and local IDX websites that pull “active” properties in hopes to capture a Buyer’s interest.

While there are pros and cons to this new status (depending on if you are a Buyer or Seller), it’s certain that this new status may cause a few rumblings in the Orlando & surrounding real estate markets.

What are your thoughts on having this new status available?