When deciding to utilize the ABO status, you and your sellers agree to:
- Continue to market the property, even though an offer has been accepted.
- Make the listing available and continue to show it.
- Accept backup offers on the ABO listing.
- Update the status of the listing to Pending as soon as showings are no longer conducted.
Not adhering to the conditions for using ABO may result in a fine. Realcomp Board of Governors approved a policy change and fine of $50 for any ABO listing that is not available for showings.
The Board of Governors has also approved stopping the Days on Market (DOM) counter when a listing is changed to the ABO status. This DOM policy will be implemented in the very near future.
From the Realcomp Policy Handbook:
Accepting Backup Offers: Listing Brokers, in response to inquiries from buyers or cooperating brokers, shall disclose the existence of any “accepted offer” (defined as fully executed contract signed by the seller and buyer-even with contingencies), when showing appointments ARE still being scheduled, the property must be reported Accepting Backup Offers. (Realcomp Policy Handbook page 8, section 5 A )
1.6.1 Accepting Backup Offers not reported First Occurrence $50.00 Second Occurrence $100.00 Third Occurrence $250.00 In addition, the third occurrence will result in a requirement that the agent appear before the MLS Rules and Policy Committee to offer an explanation for the continued violation of the rule and a suspension of services for a period to be determined by the MLS Rules and Policy Committee.