Profile picture for re rod

How long after a offer is accepted does the listing remain Active?

Iv  wasted allot of time researching properties which were already contingent or sold because the listing wasn't updated by the realtor.

Does the NAR code of ethics give any guide lines or time frames about updating a listing from active to contingent or sold? And why would a agent not update a listing after a offer was accepted or it was sold?

Thanks
  • January 11 - US
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Answers (7)

Profile picture for pvhomes
Active until Contract expiration.
  • January 18
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Profile picture for blub blub blub
Many agents comply with the regulations from the MLS, but many don't update their listings throughout the many non-MLS sites.   Sometimes it is because they don't know how it is done (often blaming the other site), at other times they are "too busy".

Just an FYI.  It has nothing to do with not knowing how or too busy.

Agents pay to belong to their local MLS.  That's all they are concerned about. It's the source that other agents use when searching for properties. It also has guidelines and regulations that agents must abide by. If an agent doesn't flag a listing accordingly, they can and will be fined. The agent will receive notification of any issues from the board.   Believe me, there are agents out there that monitor those listings and report misinformation/status to the MLS board. 

All those other sites that pull information do so without the agents input. Those sites make money off the advertising they get, not from the listing.  They could care less if the information is correct or not.  As long as people go to the site, that's all they care about.  There isn't enough time in the day to try and find all the sites that may have information regarding a listing and, if you miss one, the information continues to feed to the sites.  So any miss information not found or changed in a site that is feeding other sites, will continue to be incorrect.  That's why sometimes you will find listings that have been closed for years.  As long as it's out there someone, it will find it's way back to those sites.

  • January 18
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The rules regarding changing the status of a property are generally governed by the MLS on which the property is advertised.  Most require status update in 24 - 48 hours.

Why would an agent not change the status of a property?  Possibly the agent forgot to do it in a timely manner, but there are some agents who will continue to keep the property listed as active in the attempt to get more back up offers. Additionally, having a listing generates calls from buyers who may not want THAT house but end up buying a different one, and the listing agent wants to represent the buyer on that house.
  • January 11
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Profile picture for wetdawgs
Many agents comply with the regulations from the MLS, but many don't update their listings throughout the many non-MLS sites.   Sometimes it is because they don't know how it is done (often blaming the other site), at other times they are "too busy". 

Therefore, while sites like Zillow can provide an interesting overview on homes, having the filter of the MLS by using a buyer's agent can be helpful so dream homes that are under contract can be ruled out before wasting time.

The MLS does not list all homes, no site does.



  • January 11
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Agents that don't mark listings Pending once a sale is agreed are risking a fine from their MLS. Time varies 24-48 hours from sale agreed.
  • January 11
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Profile picture for re rod
Thanks..  I was told to use www.iowacityareamls.com or realtor.com because of the facts you touched on..

Its annoying enough when you are told your dream house has been sold.  Let alone the listing remaining Active to remind you of your mistake.
  • January 11
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Profile picture for blub blub blub
Realtors belong to an MLS board that governs when a listing needs to be flag as contingent, sold whatever.  Once a listing has an accepted offer, it usually needs to be flagged as such within 48 hours.

A lot of the information that is out there on non MLS sites (sites not used by Realtors) is not controlled by the Realtor.  They pull information from other sites, realtor.com and in some cases, from the MLS, but it may not be done immediately.  Listings can float out on the internet for years and will not have the current status or information.  It all depends on where the sites get their feeds from .

Realtor.com is usually pretty close to the actual timeframe of the local MLS that Realtors use.  Other sites are not as up to date.
  • January 11
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