Now there is a guide for decoding the various “Status” types in FMLS. What are CONKO, PLA, CONTG ???????? Some may appear online but most will show up on property information sheets printed and/or emailed to you by your agent. We created the following crash course to help you interpret the various abbreviations.
Active. All listed properties start out with an “Active” status. They probably also start out with no photos because each listing has to be created and saved before photos can be uploaded. If you are a Buyer set up on ASAP alerts by your agent, you will probably get notified via email of the new listing before the agent even has time to upload the photos. Be patient; this is a minor side effect of super timely information. The system should update you again once the photos are loaded.
This is also the status for recently Under Contract properties listed by nervous, superstitious and/or lazy agents. They may consciously or subconsciously “not get around to” updating the listing to maintain maximum exposure for their seller. The published policy is “Within 3 business days of an executed contract, the listing Member (agent) must change the status in the FMLS computer system to one of the following statuses: Pending Sale, Contingency with Kick-out, Contingency-Other, Contingency-Due Diligence or Pending Existing Lender Approval.
Contingent-Due Diligence: the property is Under Contract subject to the Buyer’s initial Due Diligence period. The expiration date is required when the property is placed under this status and it will automatically convert to PEND once that date has passed. Due Diligence periods range from a week or so for normal resales to months when re-development or rezoning is involved.
Contingent-Kick Out: the Seller has a binding contract with some sort of buyer “kick out” provision. This means that the Seller has chosen to go under contract with a Buyer subject to some contingency in hopes that it can be removed soon. Prior to that time though the Seller can give notice to the original buyer if the Seller receives another offer they like. Once this notice is delivered, the original Buyer has to step aside if they cannot remove the contingency. The most common instance of this contingency is the sale of the Buyers property that is not yet under contract.
Contingent-Other: the property is under contract subject to some contingency provision granted to the Buyer during contract negotiations other than standard Due Diligence. This status is used when the Seller has no “kick out” rights and is bound by this contract unless the Buyer chooses to terminate. Examples are approved financing, acceptable appraisal, satisfactory review of HOA documents, and receipt of missing disclosures.
Pending: the property is fully under contract with no contingencies remaining that would allow either the Buyer or the Seller to unilaterally terminate the contract (i.e. terminate the contract without the other’s permission or agreement).
Pending Offer Approval: There are two options here.
- It could involve a potential Short Sale where a contract has been accepted in writing by the current Owner and the sale is contingent on the Owner’s Lender accepting the short sale terms. The Owner probably also has the right to terminate the contract if the short sale approval terms received back from the Lender are deemed unacceptable. OR,
- It could involve a Bank Owned property where an offer has been accepted verbally or via email by the bank’s Asset Manager and the final contract is being signed and forwarded to the Bank for written acceptance of the agreed upon terms.
Closed: the property sale has been completed and the terms can now be disclosed.
Expired: the property listing period ended prior to selling or extending it. There can be multiple reasons for this. The Seller may be choosing to restart the process with a new listing number, the Seller may be interviewing for a different agent, the Seller may be taking a break or the Seller may be giving up for the time being. The listing will usually disappear from online websites at this point.
Withdrawn: the property has been withdrawn from the market by the Seller prior to the expiration date. The listing will disappear from online websites at this point.