Within 24 hours of accepting an offer, you must change the status of your property. This is a rule and regulation of the MLS. To change the status of your property, simply submit a Listing Update Request form.
What property status should you choose after accepting an offer?
The overwhelming majority of FSBOs change their property status to Under Agreement following the mutual acceptance of an offer. Under Agreement is the most common status to utilize after an offer is signed, that’s true for both flat fee MLS listings as well as listings from Realtors that charge a full commission.
There are some FSBOs who want to utilize a Contingent status (see all MLS property status types), signifying the property will continue to be shown and back up offers accepted. If a property is placed in a Contingent status, one of the following contingencies must exist: Inspection, Attorney Review, Appraisal, Financing, Third-Party Approval, or Pending P&S. Once that contingency is met, the property will be moved into an Under Agreement status. Because Contingent status is not terribly common, and the MLS does not want the status type misused, in addition to submitting a Listing Update Request form to change a property’s status, to utilize the Contingent property status type, FSBOs must also fill out and sign an official MLS form called a Contingent Status Request Form and include it in their update request.
Posted in: Working with Your Flat Fee MLS Listing