In order to better accommodate market dynamics and MLS Subscribers who actively list and sell real estate, Realcomp has implemented a new listing status called “Accepting Backup Offers”.

This new status is expected to help both listing and selling agents (and their customers & clients) in the following ways …

• Listing agents will be able to keep their listings on the market under this status when an offer has been accepted while continuing to show the property and accept backup offers. This status is used when the listing agent and seller agree to continue marketing the property for the purposes of getting backup offers.
  • Days on Market counters (DOM, RDOM, & CDOM) will continue to increment each day under the ABO status.
• This status enables listing agents to clearly communicate their intentions and provide upfront transparency.
• On the flip side, the status also informs buyers’ agents that even though an offer has been accepted, the property is still being shown and backup offers accepted.
• The new status also enables buyers’ agents (and their clients) to exclude these listings from their search results, if they so choose. This is accomplished by simply not selecting the ABO status in search criteria.
• Many of Realcomp’s MLS data sharing partners already use a similar status in their systems. Realcomp’s addition of the ABO status will allow us to more accurately display their listings in our MLS systems and vice versa.
• Accepting Backup Offers listings expire just like any other on market listing.
• When changing a listing to the “Accepting Backup Offers” status, the listing agent will be prompted to enter an “Accepting Backup Offers Effective Date”. This field will pre-fill with the date of the actual status change.
• Additionally, this status will trigger a 120-day reminder email from Realcomp to the listing agent/broker to keep the status of the listing updated.
• Accepting Backup Offers is different from Contingent – Continue to Show (CCS). CCS signifies that an offer has been accepted, but the property cannot close until the buyer’s existing home sells (within a certain number of days). CCS continues to be a valid status option.
• Once offers are no longer being accepted, the listing agent should update the status of the listing to Pending.

 

 QUESTIONS? PLEASE CONTACT REALCOMP’S CUSTOMER CARE SUPPORT DEPARTMENT AT SUPPORT@REALCOMP.COM.

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