Home Buying in Massachusetts>Question Details

Sarah, Home Buyer in Boston, MA

Once an offer has been accepted, when does an agent have to indicate that in the listing?

Asked by Sarah, Boston, MA Sat Sep 15, 2007

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7
Hi Sarah,

Each MLS has its own rules (48 hours is common), and those rules apply to only the MLS database. The MLS database is shared via IDX (internet data exchange) with various brokers and third party vendors. Those updates are not real time. Therefore, once an agent updates the MLS system, the same property could appear elsewhere, Realtor.com, just as one example for 1-2 days after the update is made. Additionally, other real estate lisitng sites are not updated by MLS data updates, so those sites could be updated sooner or later. MLS organizations do not patrol any database except their own.

Trulia, for example depends upon agents to update the data or the third party vendor that supplied the property information. This would also be true of numerous other data sources for property information.

If you have a buyers agent, he/she can check the MLS and tell you the status as it appears there.
1 vote Thank Flag Link Sat Sep 15, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Hi Sarah:

There might be different rules for each Multiple Listing Services. For Marin County, CA, we use Bay Area MLS. We are required to update the listing status within two business days of status changes. Our MLS personnel actually patrol MLS and the members can flag the listing if they know of any violation. The agents can be fined if they are in violation.

However, some commercial sites will not show status changes until it's either pending or sold. So, many times a status on MLS has changed to contingent or pending but they are not reflected on the commercial sites. So, check with your Realtor on the most current status of a listing.

Sylvia
Sylvia
1 vote Thank Flag Link Sat Sep 15, 2007
Sylvia Barry,…, Real Estate Pro in Novato, CA
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The answer to your question depends on what the MLS rules and regulations say. In my area, we have 48 hours to update the listing status. In some areas, an accepted contract does not necessarily mean a binding contract (i..e., in areas in which the contract is reviewed by an attorney). I am not certain what is standard in MA and an agent from that area would be able to answer your question more precisely.
1 vote Thank Flag Link Sat Sep 15, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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Our office practices that ALL contingencies need to be met first...otherwise, I'd be doing a dis-service to my Seller, whom I am representing.
0 votes Thank Flag Link Sun Nov 18, 2007
The answer does depend what MLS the agent is affiliated with. The largest MLS in the state is MLSPIN. MLSPIN rules require the change of status from active to under agreement or active seeking back up offers within 48 hours of the acceptance of the offer. There are penalties that the MLS can impose if an agent is found to be out of compliance.
0 votes Thank Flag Link Mon Nov 5, 2007
MLS pin that covers most of MA. requires any change of status to be recorded online within 48 hours. However unless the client or another person questions the status directly to MLS and demands proof from the listing agent of that change there is no mechanical way other than listing agent to note the status change accept for expired lisitngs.
0 votes Thank Flag Link Sat Nov 3, 2007
Every MLS has different rules. Our is 48 hours that listing agent has to make a status change and report the correct status of the property.
0 votes Thank Flag Link Sun Sep 16, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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