What do those pesky listing status codes really mean?
If you’re buying a home in St. Louis and are signed up for Multiple Listing Service (MLS) alerts from your real estate agent, you’ve probably noticed that each property is assigned a status code. These codes consist of one or two letters. If you’re not signed up to get new listings sent to your inbox, setup a free account here.
In our local St. Louis MLS, there are 11 unique status codes that a listing can have. Below is a brief explanation of each. I’ll also explain how the Days on Market (DOM) count is affected by each status.
This indicates that a listing is on the market and has not been tied up in a contract from another buyer. The days on market count in the St. Louis MLS continues during this status.
CONTINGENT W/KICKOUT This indicates that the seller has accepted a contract. The contract is contingent upon the buyer getting a contract and closing on their current home. Additionally, with kickout means that a buyer who is able to purchase without first having to sell a home could make an offer as a backup offer. If the seller finds the second offer more attractive, he or she can give notice to the first buyer that they must firm-up their offer by waiving the contingency or be kicked out of the contract so the seller can proceed with the backup offer. The days on market count in the St. Louis MLS continues during this period.
CONTINGENT NO KICKOUT This indicates the seller has accepted a contract and did not require a kickout period. A prospective buyer who wants to submit an offer on a listing with this status should know that while they can write an offer, if it is accepted by the seller it will remain in backup status. The seller is unable to kick his first buyer out. The second contract can become a primary contract only if the first contract falls apart on its own (building inspection, financing, etc.). The days on market count in the St. Louis MLS continues during this period.
CONTINGENT SHORT SALE This means that the listing has an accepted contract but it must be approved by the lender who currently holds the note on the home. The home is being sold at a price that will require the lender to accept less than what is owed. A prospective buyer should know that he or she may or may not have a chance to put in a second contract offer which may or may not be considered. This is a complicated situation and is best handled by a professional real estate agent who has experience with short sale transactions. The days on market count in the St. Louis MLS continues during this period.
OPTION This means that the listing has an accepted contract. During the option period, inspections are being performed and according to the St. Louis Association of Realtors (SLAR) board contract, it is the time period during which a buyer can terminate a contract after purchasing a building inspection. Once a building inspection notice (or request for repairs) is submitted to the seller, the option period is terminated. The length of the option period is dictated by the terms in each contract but the default time period is 10 days. The length of this period can be changed with agreement from both parties. The days on market count in the St. Louis MLS is suspended during this period.
TEMPORARILY OFF MARKET This status is to be used on a short term basis for a listing that needs to be out of the MLS briefly. Often this is due to the need for repairs or improvements that need to be completed. The home will not be shown to prospective buyers during this period. Days on market count in the St. Louis MLS is suspended during this period. It resumes when the home listing is activated again.
PENDING This status means that the home is under contract and the buyer can no longer walk away from the deal due to building inspection results. While pending, a home will no longer be shown to prospective buyers. Days on market count is suspended during this period. If the contract falls apart and the listing becomes active again, all of the days on market to date are calculated and applied to the listing.
SOLD This status means that a closing has occurred and the property is no longer available. Days on market count is terminated.
WITHDRAWN This status means that the listing agent has removed the listing from the MLS but still has a valid listing agreement (contract) with the seller. The house may or may not be able to be shown. The listing agent would need to be consulted on a case by case basis under this status. Days on market count in the St. Louis MLS is suspended during this period.
CANCELLED This status means that the listing contract between listing broker and seller has been terminated. The home is no longer for sale. The days on market count is terminated with this status.
As a professional, full-time real estate agent I help people like you who need to buy or sell a home in St. Louis. If you have any questions about MLS status codes or real estate in general, I invite you to get in touch with me.