Understanding List Status in the North Texas MLS
MLS (Multiple Listing Service) for Dallas Fort Worth Metroplex
In the event that you never heard of the term "MLS", here's a concise guide on what it is, its history and how your real estate agent uses it. The real estate business has an alphabet soup of abbreviations but here in North Texas, the MLS uses the latest and greatest in technologies to support the real estate ecosystem of Dallas and its surrounding areas.
A multiple listing service (MLS) is a list exchange service utilized by licensed real estate professionals and is actually the source of nearly all property listings for Zillow, Trulia and Realtor.com. For several decades, real estate brokers have been cooperating together by exchanging listing information in a Multiple Listing Service (MLS), hence enabling them to syndicate their data to local brokerage and agent websites. Under this arrangement, the selling and listing agent benefit by sharing and consolidating data, and it allows websites like www.NTX-Houses.com to expose home listings to as many buyers as possible, which in essence maximizes the possibility of selling these homes for maximum price. Before the internet was invented, MLSs uses MLS books and later on, CD/ROM and other media to distribute the information and the internet now simply took the MLS to a whole new level.
North Texas Real Estate Information System
Most North Texas real estate associations rules require that agents and brokers accurately report the status of listings and promptly report changes in that status. Real estate agent is required to make status changes in the NTREIS MLS within 3 days. This helps maintain the integrity of the data being presented and so before you look at a property on Zillow and get all excited, look it up on www.NTX-Houses.com and there is a chance that listing may not show up on this website. Not because our website is lacking in inventory but because Zillow and other competing portals may have out of date listings and in some instances, fake listings so buyer beware.
Following is a list of codes that you may encounter when you are reviewing home listings on www.NTX-Houses.com:
ACTIVE - Property is available for purchase.
ACTIVE OPTION - Property is under contract with an option but may accept back-up offers and showing requests. Once the option expires, the status must be changed and typically moves to the next step (PENDING) in the process and deal becomes firm or it goes back to market.
ACTIVE CONTINGENT - Property is under contract with a contingency but maybe available for showings and back-up contracts. Contingencies may be due to to Sale of Other Property but they can be almost anything. Typical contingencies may also include: lender approval required (as in a short sale), bank financing and property inspections. This status is usually used until all contingencies have been met and removed. In the case of financing, this could potentially remain active until closing.
ACTIVE KICKOUT - Property is under contract contingent upon the sale of another property but maybe available for showings and back-up contracts. If a better offer is presented, the original offer could be kicked out if the contingency has not been removed. It all depends on the executed contract.
PENDING - Property is under contract with no more showings.
SOLD - Property has been sold and is now out of the market. Real estate agent is required to make status changes in the NTREIS MLS within 3 days.