Real Estate Listing Status – What Do They Mean?
When you are selling your house, it is important to understand what the current status of your listing is. The most obvious status is “active,” which means your house is currently on the market and accepting offers.
However, two other statuses that you might notice are “expired” and “withdrawn.”
It’s important that you understand the difference and how it affects your listing.
A listing contract
When you begin working with a real estate agent, they are going to require that you sign a listing contract. This contract is going to spell out the terms of the relationship that you have with the agent. The agent will not list your house on the MLS until they have this signed contract from you.
One of the most important things that is included in the contract for the agent is the terms of how long your house will be listed with them. Most agents will use 6 months or 12 months as the term. That means that your house will be listed with the agent for that amount of time. It protects the real estate agents commission because during that time you are unable to go out and sell the house to a buyer that you found on the side.
Even if you do the work, your agent will still be able to take commission from the transaction until the contract period is complete.
Withdrawn listing
If your house is listed with a real estate agent and you decide that you no longer want to sell your house, it becomes a withdrawn listing. That means your house will no longer be listed on the MLS for buyer agents to see. But your house is still under the contract of the agent. That means if you withdraw your listing and then decide to sell it to someone else, your agent will still get commission if the time on the original contract has not expired.
Homeowners withdrawal listings for many different reasons. Some may decide that they need to stay in their house. Others realize that they are not going to be able to sell the house for the amount they need to in order to sell. And some take their house off the market in order to make upgrades before relisting it on the MLS.
Expired listings
An expired listing is simply a listing where the time has run out on the listing contract but the house has not yet sold. If the house is already in escrow, the real estate agent is allowed the time necessary to close the transaction and still receive the commission. However, if the house is not under contract with a buyer, the seller is able to stop working with the real estate agent. Then they are able to list with another agent or sell the house on their own.
However, as the seller, if you like the agent you are currently working with, you can simply sign an extension to the original contract to continue working together.
Knowing the difference of the listings will help you understand your right as the seller. If you have questions about your status, you can ask your real estate agent for more details. Make sure you pay attention to the status to know when you are able to make a change if you desire.